Group revenue rose 40% to €4.29 billion in the six months to June 30, 2026. On a like-for-like basis excluding MultiChoice, revenue increased 1.4%. Compared with combined Canal+ and MultiChoice figures for H1 2025, revenue was broadly flat, up 0.6%.
Adjusted EBIT before exceptional items increased 68% to €433 million, giving a margin of 10.1%. Excluding MultiChoice, adjusted EBIT rose 13%, helped by cost improvements in France, direct-to-consumer subscriber growth, lower churn and the continuing shift to OTT in Poland.
Canal+ had 41.2 million subscribers at the end of June, up 8.4% year-on-year on a combined Canal+ and MultiChoice basis. Europe rose 10% to 18.6 million subscribers, while Africa and Asia grew 7.2% to 22.6 million. Direct-to-consumer subscriptions increased 5.1%, while wholesale rose 26.3%.
MultiChoice’s turnaround plan is now under way. Canal+ said subscriber acquisition in MultiChoice countries was 40% higher than in H1 2025, with June delivering the best month for new subscribers in South Africa in a decade. MultiChoice adjusted EBIT rose 160% to €143 million, helped by €120 million of synergy impact, including the effect of discontinuing Showmax.
Maxime Saada, CEO of Canal+, said: “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.”
Content investment remains central to the strategy. Canal+ has extended UEFA men’s club competition rights to 2031 in Switzerland, Poland and Austria, and secured exclusive rights in Belgium ahead of its 2027 launch. In South Africa, MultiChoice has renewed long-term rights to the Premier Soccer League.
For 2026, Canal+ continues to expect flat revenue, adjusted EBIT of €735 million, cash flow from operations above €600 million and free cash flow above €250 million before the French VAT litigation settlement and restructuring.
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