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Canal+ SA on Tuesday backed its full-year guidance and said plans to list in Johannesburg later this year are on track. The Paris-based media and entertainment group reported ‘a solid start to 2026’, with growth on a historical basis during the three months ended March 31 and revenue remaining broadly flat, excluding the impact of recent South Africa acquisition MultiChoice Ltd. Total revenue rose 41% to €2.17 billion in the first quarter from €1.54 billion, but was up by a more modest 1.8% when excluding MultiChoice. First-quarter sales were down 0.4% from Canal+’s ‘restated’ prior year figure of €2.18 billion. For 2026 as a whole, Canal+ continues to target flat revenue and adjusted earnings before interest and tax of €735 million. In 2025, the group reported revenue was €6.95 billion and adjusted Ebit of €646 million. Canal+ noted that plans to list on the Johannesburg Stock Exchange are on track, subject to approval, with the company’s JSE debut slated for June 3. This comes as Canal+ pushes for a recovery in subscriber numbers at video entertainment company MultiChoice, which delisted from the JSE in December as its takeover by Canal+ completed. ‘The first initiatives of the MultiChoice turnaround plan have been launched, including strengthening the commercial engine and recruiting new sales teams,’ Canal+ said on Tuesday. Last month, the company reported plans to spend €100 million on MultiChoice, which is facing a €140 million hit to adjusted Ebit impact in 2026, resulting from inertia of the subscriber base and cost inflation, according to Canal+. Revenue at MultiChoice decreased by 6% to €2.40 billion in 2025 from €2.54 billion in 2024. Adjusted Ebit fell 14% to €159 million from €185 million. Canal+’s strategy for MultiChoice targets cost synergies of €250 million in 2026, and adjusted Ebit in the region €170 million. The company reiterated these targets on Tuesday, saying MultiChoice synergies are tracking in line with guidance. Canal+ shares rose 2.4% to 234.80 pence on Tuesday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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