Canal+ to list on Johannesburg Stock Exchange
April 28, 2026
Canal+ has reported that total Group revenue increased by 41 per cent to €2.16 billion in Q1 2026, compared to the first three months of 2025 on a restated basis excluding MultiChoice Group, reflecting the significant contribution of the MultiChoice acquisition to the change in scale of the Group. Total Group revenue remained broadly flat (-0. 4 per cent) compared to the first three months of 2025 on a restated basis, including three months contribution from MultiChoice Group ended March 31st 2025 .
Group revenue excluding MultiChoice increased by 1.8 per cent to €1.5 billion, mainly driven by the strong performances of pay-TV in French speaking Africa and growth in the Content Production, Distribution and Other segment.
Europe revenue decreased by 1.6 per cent to €1.12 billion on a reported basis and decreased by 2.1 per cent on a like-for-like basis, as a result of the termination of the C8 channel in March 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 . These impacts were partially offset by an increase in wholesale in Hungary and Czech Republic, as well as positive customer acquisition trends in Austria, especially in OTT.
Africa and Asia revenue increased by 242 .6 per cent to €889 million, due to the inclusion of MultiChoice. Revenue decreased by 1.2 per cent on a restated including MultiChoice basis due to the decline in MultiChoice revenue and foreign exchange effects.
Canal+ has confirmed that its secondary inward listing on the Johannesburg Stock Exchange (JSE) (subject to obtaining formal approval from the JSE, which is expected to be imminent) will provide South African investors with the opportunity to invest in the group. Canal+ says the he JSE listing, planned for June 3rd, will enhance the long-term liquidity and tradability of its shares.
Maxime Saada, Canal+ CEO, commented: “We have made a solid start to 2026 as we begin the operational execution phase of our strategy. First quarter revenue was broadly flat, with slight growth on the Canal+ historical basis (excluding MultiChoice) , while MultiChoice revenue continued to decline in line with our expectations.”
“In France and Poland, we continue to exercise rigorous cost discipline , and we are starting to see the impact of the measures introduced last year, consistent with our ambition to increase profitability in Europe. In Africa, the first initiatives of the MultiChoice turnaround plan have been launched , including strengthening the commercial engine and recruiting new sales teams.
“StidioCanal had a positive start to the year with strong box office performances from Guru and Children of the Resistance in France, Extrawurst and Woodwalkers 2 in Germany, and The Housemaid in New Zealand and Australia.”
“We continue to deliver cost synergies resulting from the acquisition of MultiChoice , in line with our plans,and we reiterate our full-year 2026 guidance Finally, we are preparing Canal+’s secondary listing on the Johannesburg Stock Exchange on 3 June, the first French company to do so, marking an important milestone for Canal+,” concluded Saada.