Its shares were down 17% at 11:00 in South Africa (SAST), their worst day since listing in London 15 months ago.

Canal+ took over MultiChoice in 2025, in a move set to push its ambition to become a global entertainment platform across Europe, Africa and Asia by expanding its foothold in English-speaking Africa.

The company reported a drop in subscribers at MultiChoice from 14.9 million to 14.4 million in 2025 and unveiled a 100-million-euro plan to revive the business, including hiring more than 1,000 salespeople across 16 African markets.

"The first quarter of MultiChoice's consolidation and the specifics of the African development plan are unlikely to excite investors," AlphaValue analysts said.

Turnaround plan

Canal+ is seeking to revive the struggling pay-TV operator with what CEO Maxime Saada called a shift from a "central heavy organisation to boots-on-the-ground."

"It won't be easy, we know that," Saada said, noting that redesigning commercial operations in 16 African markets remains a "complex task."

Saada told Reuters the company is "ahead of plan" on synergies, upgrading its 2026 target to €250 million from €150 million previously, partly due to shutting down the loss-making Showmax after determining there were no chances of recovery, in agreement with the platform's board and Comcast.

Canal+ said it expected to complete a secondary listing in Johannesburg in June, ahead of the September window previously announced.

Earnings before interest, tax, depreciation and amortisation came in at €527 million, above guidance of €515 million . The combined group reported revenues of 8.665 billion euros.

For 2026, Canal+ forecasts moderate revenue growth, with adjusted EBIT rising to €565 million.