‘Transparency’ On MultiChoice Numbers Goes With Its Delisting

French media group Canal+, which is also listed on the JSE, today published its results for the six months to 30 June 2026.

The company owns MultiChoice, Africa’s biggest pay-TV operator that owns DStv and GOtv.

With the publication of the results today, one expected to analyse the figures in detail of the performance of MultiChoice.

But the company has elected to join most of the global companies that operate in South Africa by placing a technical blackout on local figures and performance.

The Silencing of South African Metrics

MultiChoice delisted from the JSE on 10 December 2025, and Canal+ conducted a secondary inward listing on 3 June this year while retaining its primary listing in London.

As a JSE-listed company, MultiChoice reported subscriber numbers twice a year in some detail: 90-day active subscribers broken down by tier, alongside average revenue per user and churn commentary for South Africa and the rest of Africa.

Now that MultiChoice is privately owned by Canal+, these important details have vanished from the public domain.

While Canal+ is technically listed in Johannesburg, the financial results reported to the market are consolidated at the Group level.

The specific performance of the South African subsidiary is now treated as internal management data, meaning local investors and analysts are left with more questions than answers regarding the health of DStv and GOtv in their home market.

What Canal+ Disclosed in Its Half-Year Financial Results

Despite the lack of specific local breakdowns, the consolidated numbers paint a picture of a company absorbing MultiChoice effectively. The highlights of Canal+’s H1 2026 results are as follows:

• Revenue Surge: Total Group revenue increased by 40% to €4,287m (H125: €3,072m), primarily reflecting the consolidation of MultiChoice Group revenue; excluding MultiChoice, revenue increased by 1.4% like-for-like.

• Profitability: Adjusted EBIT before exceptional items increased by 68% to €433m (H125: €257m), with a 10.1% margin. The increase primarily reflects the consolidation of MultiChoice. Group Adjusted EBIT excluding MultiChoice was 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 was up 9% excluding MultiChoice, driven by revenue growth in Pay-TV and FTTH.

• Cash Flow: Cash flow generation continued to improve: CFFO before exceptional items was up to €559m driven by cash optimisation initiatives and favourable phasing of payments within the year. FCF before exceptional items was up to €414m, supported by refinancing and MultiChoice’s financial year-end change.

• Seasonality: The 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

While the financial specifics are opaque, Canal+ did provide a narrative update on the MultiChoice operational strategy. The group confirmed that a turnaround is underway, citing the following achievements:

• 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.

• Marketing & Acquisition: Successful content and marketing initiatives, including the World Cup advertising campaign featuring Idris Elba and the launch of the Novelas+ channel in South Africa.

• Barriers to Entry Lowered: Reduced equipment price for new subscribers, lowering the barrier to entry.

• Distribution Expanded: Distribution network expanded: number of points of sale increased by over 15% since March.

• Growth: Subscriber acquisition is up 40% compared to H1 2025 in MultiChoice countries. June 2026 was the best subscriber acquisition month in South Africa in a decade.

• Synergies: MultiChoice Adjusted EBIT before exceptional items was up 160% to €143m (H125: €55m), mainly due to synergies P&L impact of €120m (including Showmax discontinuation impact).

A Pity for Local Transparency

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.”

So, glancing from this disclosure, we will not be able to scrutinise the performance of MultiChoice going forward. There is no DStv subscriber number, no split between Premium, Compact and Family, no average revenue per user for the South African business.

It’s a pity that the local people and analysts who rely on DStv will never have the same level of insight into how this pay-TV operator is performing domestically. While the “Group” is thriving, the narrative of South Africa’s subscription landscape is now firmly controlled behind closed doors.