Wrap Text
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+', the 'Group' or the 'Company')
Trading update for the Nine Months ended 30 September 2026
Issy-les-Moulineaux, 22 October 2026
CANAL+, the global media and entertainment company, is today providing a trading update, including
unaudited consolidated revenue, for the nine months and quarter ended 30 September 2026.
Group revenue up 37.5%, reflecting increased scale following MultiChoice acquisition
Well on track to deliver 2026 guidance
MAXIME SAADA, CHIEF EXECUTIVE OFFICER OF CANAL+, SAID:
'We delivered a solid performance in the first nine months of the year as we continued to execute our
strategy. Revenue was in line with our expectations, supported by strong momentum in French-speaking
Africa and at STUDIOCANAL.
'We are making good progress with the MultiChoice turnaround plan. In September, a new, simplified value
proposition was launched in South Africa, providing subscribers with more content, greater choice, and
better value for the same price. The rollout of the new offers will continue across English- and Portuguese-
speaking Africa over the coming months.
'Building on this progress, we have further strengthened our sports offering in Africa. We secured exclusive
rights to all UEFA men's club competitions across more than 40 countries for 2027'2031, the Group's first
major sports rights acquisition covering all our markets on the continent, as well as rights across Africa for
the 2027 Africa Cup of Nations and its qualifying campaign.
'In France, we introduced SPORT+, a new, free digital platform that give non-subscribers a taste of our
premium sports content and provides an entry point to the CANAL+ App and our wider offering. In the Czech
Republic and Slovakia, we launched the CANAL+ brand, alongside a new offering and the CANAL+ App. More
broadly, in early October we unveiled the upgraded CANAL+ App, which makes content discovery easier and
more intuitive and now features AI-powered search.
'2026 is shaping up to be a landmark year for STUDIOCANAL, with strong box-office performances from
Pressure and the recent releases Les Miserables, The Doll (Lalka) and the third Shaun the Sheep film. Our
bold and diverse slate includes Ink, which opened the Venice Film Festival; Elsinore, winner of the
International People's Choice Award at the Toronto International Film Festival, and the highly anticipated
Violette (Changer l'eau des fleurs).
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'We remain well on track to achieve our 2026 synergies target and deliver our full-year guidance.'
REVENUE FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026 (UNAUDITED)
'M 9M 20261,2 9M 2025 % Change 9M 2025 % Change % Like-for-
restated1 restated1, like4
including
MultiChoice2,3
Europe 3,363 3,411 -1.4% 3,411 -1.4% -1.5%
Africa & Asia 2,604 842 209.1% 2,526 3.1% 0.7%
Content Production, 530 485 9.3% 485 9.3% 5.4%
Distribution and Other
Eliminations -85 -74 N/A -74 N/A N/A
Total CANAL+ Group 6,412 4,664 +37.5% 6,348 1.0% -0.3%
Of which CANAL+ 4,646 4,588 1.3% 4,588 1.3% 0.8%
excluding MultiChoice
Of which MultiChoice 1,805 79 N/A 1,797 0.4% -3.0%
Group
Of which elimination -39 -2 N/A -37 N/A N/A
linked to MultiChoice
Group
REVENUE FOR THE QUARTER ENDED 30 SEPTEMBER 2026 (UNAUDITED)
'M Q3 20261,2 Q3 2025 % Change % Like-for-like4
restated1,
including
MultiChoice2,3
Europe 1,104 1,124 -1.8% -1.6%
Africa & Asia 881 824 6.9% -0.1%
Content Production, 161 8.0% 4.3%
173
Distribution and Other
Eliminations -33 -24
Total CANAL+ Group 2,125 2,085 1.9% -1.0%
1 In accordance with IFRS 5, Vietnam, divested in March 2026, is treated as a discontinued operation and excluded from the Group's financial metrics
(revenue: '4 million in Q3 2025 and '18m in 9M 2025).
2 In accordance with IFRS 5, Showmax, discontinued in Africa at the end of April 2026, is treated as a discontinued operation and excluded from the
Group's financial metrics (revenue: '10 million in Q3 2025 and '33 million in 9M 2025), including on a comparable basis for 2025.
3 Combined figures aggregate published KPIs for the historical CANAL+ perimeter (excluding Vietnam) and unaudited KPIs derived from MultiChoice
Group's management reporting. They are presented for illustrative purposes only.
4 At constant scope and foreign exchange rates.
TRADING UPDATE FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026
CANAL+ Group
Group revenue increased 37.5% year on year to '6,412 million on a restated basis, primarily reflecting the
Group's increased scale following the MultiChoice acquisition. Group revenue remained broadly flat (-0.3%)
year on year on a like-for-like basis including nine months' contribution from MultiChoice.
Group revenue excluding MultiChoice increased 1.3% on a restated basis to '4,646 million and by 0.8% on a
like-for-like basis, supported by strong momentum in French-speaking Africa and in Content Production and
Distribution.
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Europe
Europe revenue decreased 1.4% to '3,363 million on a restated basis and by 1.5% on a like-for-like basis. This
mainly reflected the termination of the C8 channel in Q1 2025 and the end of the distribution of DAZN in
France, as well as the divestment of the DTH subscriber base in Hungary in 2025.
Excluding these effects, revenue in mainland France was broadly flat. The increase in DtoC Pay-TV revenue
was offset by lower contribution from wholesale and the weakness of the advertising market.
In the Overseas Territories, revenue was broadly stable. The consolidation of MC Vision in Mauritius was offset
by the slight decline in the Pay-TV subscriber base.
In Poland, revenue grew slightly, driven by OTT subscription growth and a continued increase in advertising.
In other European countries, revenue decreased primarily due to the sale of a non-profitable DTH subscriber
base in Hungary and the ongoing effects of the transition away from DTH.
Africa and Asia
Africa and Asia revenue more than tripled to '2,604 million, following the acquisition of MultiChoice. Revenue
including MultiChoice increased 3.1% on a restated basis and 0.7% on a like-for-like basis. This reflects 10.2%
like-for-like revenue growth of Africa and Asia excluding MultiChoice and a slight decline for MultiChoice. As
expected, the subscriber base normalised in Q3 after the significant boost from the FIFA World Cup in H1
2026.
MultiChoice Group revenue increased 0.4% on a restated basis, notably benefitting from a material positive
currency effect. On a like-for-like basis, revenue decreased 3.0%, driven by lower subscription revenue in
South Africa, partially offset by higher revenue in most other English-speaking countries. In Q3, the like-for-
like revenue decline moderated to 2.0% year-on-year, from 3.4% in H1 2026, partly reflecting favourable
comparison effects related to the sporting events line-up.
In French-speaking Africa, like-for-like revenue performed well, reflecting subscriber growth supported by a
compelling line-up and improved distribution efficiency.
CANAL+ Telecom Africa revenue grew at a double-digit rate, fuelled by the expansion of its Fibre-to-the-Home
network and positive commercial momentum.
Asia revenue maintained its growth momentum, supported by an enhanced content offering and long-term
subscriptions.
Content Production, Distribution and Other
Content Production, Distribution and Other revenue increased by 9.3% to '530 million on a restated basis
and by 5.4% on a like-for-like basis. This was mainly driven by STUDIOCANAL's strong box office performance
and international sales, as well as its increased scale following the acquisition of Lucky Red in February 2026.
Dailymotion was negatively impacted by lower advertising in Q3, against a challenging market backdrop.
Update on the proposed removal of the reduced VAT rate in France
As part of the 2027 Budget, the French government has proposed to increase the VAT rate applicable to
CANAL+'s activities in mainland France and Overseas. The Group is actively challenging this measure with
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support from cinema organisations and sport federations and leagues. The Group has made progress in
opposing the proposal, although the outcome remains uncertain. Should the proposal be adopted into law,
the Group intends to implement subscription price increases and significant cost reduction initiatives to
mitigate the resulting financial impact.
OUTLOOK
' The Group remains well on track to achieve its 2026 synergies target and full year guidance:
o 2026 synergies target: '250m Adjusted EBIT; '220m FCF
o Full year guidance: revenue flat; Adjusted EBIT '735m; CFFO above '600m and FCF above
'250m before VAT settlement & restructuring
' While the Group is cognisant of the macroeconomic and political backdrop, its medium-term
guidance remains unchanged.
CONFERENCE CALL DETAILS
Speakers:
Maxime Saada, Chief Executive Officer
Amandine Ferre, Chief Financial and ESG Officer
Date: 22 October 2026 (8.30am UK time / 9.30am Paris time)
Online: the webcast can be followed online at: https://canalplusgroup.engagestream.euronext.com/9-
month_2026_revenue
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 will be available on the Company's website www.canalplusgroup.com.
FINANCIAL CALENDAR
2026 Annual Results: 4 March 2027
CANAL+ CONTACTS
For enquiries please contact:
Analysts and investors Julien Desmaretz julien.desmaretz@canal-plus.com
Financial Communications Andrew Swailes andrew.swailes@canal-plus.com
Corporate Communications Karima Mhoumadi karima.mhoumadi@canal-plus.com
Edwige Lerolle edwige.lerolle@ext.canal-plus.com
FOR SENS VERSION ONLY:
Joint JSE sponsors
BofA Securities
The Standard Bank of South Africa Limited
The Company has a primary listing on the London Stock Exchange and a secondary listing on the JSE
Limited.
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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.
canalplusgroup.com/en
IMPORTANT INFORMATION
The trading update is based upon the unaudited management accounts of the Group and has not been
reviewed or audited by the Company's auditors. It has been prepared solely to provide additional
information on trading to the shareholders of the Company. Accordingly, the Company makes no
representation or warranty as to the appropriateness, accuracy, completeness or reliability of the
information in this announcement and accordingly neither the Company nor any of its directors accepts any
liability to any person in respect of this announcement or any information contained within it.
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 themselves about
and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of
the laws of the relevant jurisdiction.
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
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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.
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Date: 22/10/2026 08:00:00
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