Canal+ SA reported a mixed first-quarter performance and confirmed its guidance for the full year, prompting a positive market reaction on Tuesday.
Quarterly results and revenue composition
The French pay-TV operator logged revenue of €2,169 million for the first quarter of 2026. When measured excluding MultiChoice, revenue rose 41% year-on-year. By contrast, the inclusion of MultiChoice - the South African broadcaster Canal+ acquired last year - produced a group revenue decline of 0.4% compared with the first quarter of 2025.
Integration and operational update
Company executives said the integration of MultiChoice Group is progressing well. Chief Executive Maxime Saada outlined early actions taken as part of the MultiChoice turnaround, including measures to strengthen the commercial organisation and hiring of new sales personnel. The update also noted a change in South Africa, where MultiChoice (PTY) Ltd has suspended its long-standing commercial policy of annual price increases.
Guidance and outlook
Canal+ reiterated its 2026 guidance, stating that the group made a solid start to the year and that revenue is broadly flat at this stage. The company maintained that its primary listing will remain in London even as it pursues a secondary listing abroad.
South Africa listing
As part of the commitments tied to the MultiChoice acquisition, Canal+ confirmed it will become the first French company to list on the Johannesburg Stock Exchange when it begins trading there on June 3, 2026. The move fulfills the pledge made during last year’s transaction and establishes a secondary listing in South Africa.
Market reaction
Shares in Canal+ initially jumped 7.5% in early morning trading following the update, before trimming gains to finish the session 3.8% higher.
This article provides a company-level trading update and does not offer investment advice. The information presented reflects the details disclosed by Canal+ in its trading statement and related announcements.