French media group Canal+ said on Wednesday its African unit MultiChoice has lost customers and expects a decline in revenue from the business, sending its shares on track for their worst day ever.
Its shares were down 17% at 0900 GMT, their worst day since listing in London 15 months ago.
To further its ambition to become a global entertainment platform across Europe, Africa and Asia by expanding its footprint in English-speaking Africa, Canal+ acquired MultiChoice in 2025.
The company reported the number of customers at MultiChoice to fall from 14.9 million to 14.4 million in 2025 and unveiled a €100 million plan to revive the business, including hiring more than 1,000 salespeople in 16 African markets.
“The specifics of MultiChoice's first-quarter integration and African growth plan are unlikely to excite investors,” AlphaValue analysts said.
turnaround plan
Canal+ is trying to revive the struggling pay-TV operator in what CEO Maxime Saada has called “a shift from a centralized heavy organization to a boots-on-the-ground one.”
“It will not be easy, we know this,” Saada said, noting that redesigning commercial operations in 16 African markets remains a “complex task.”
Saada told Reuters the company is “ahead of plan” in terms of synergies, raising its 2026 target to 250 million euros from an earlier 150 million euros, partly due to an agreement with the platform's board and Comcast to close loss-making Showmax after it determined there was no prospect of recovery.
Canal+ said it expected to complete the secondary listing in Johannesburg in June, ahead of the previously announced September window.
Earnings before interest, taxes, depreciation and amortization came in at 527 million euros ($613 million), above guidance of 515 million euros. The combined group recorded revenues of 8.665 billion euros.
For 2026, Canal+ forecasts moderate revenue growth, with adjusted EBIT rising to EUR 565 million.
($1 = 0.8597 euros)