Canal+ sets 3 June for JSE debut

Global media house Canal+ has confirmed it is on track for a secondary listing on the Johannesburg Stock Exchange (JSE) on 3 June 2026, marking a significant milestone as the first French company to do so.

The announcement comes as the group enters the “operational execution phase” of its strategy, following the acquisition of Africa’s MultiChoice group.

A strategy of scale and synergy

In its trading update for the three months ended 31 March 2026, Canal+ reported that total group revenue surged by 41% to €2.169 million when compared to the prior year’s restated figures that excluded MultiChoice.

On a ‘combined’ basis, calculating results as if MultiChoice had been part of the group since January 2025, revenue remained broadly flat, declining slightly by 0.4%.

Read: Canal+ calls out absurd complexity of DStv’s packages, pricing

Maxime Saada, CEO of Canal+, described the quarter as a solid start to the year.

“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,” Saada stated.

The MultiChoice turnaround

The integration of MultiChoice is said to now be central to Canal+’s African growth ambitions. The group has launched a comprehensive turnaround plan that includes strengthening commercial operations and recruiting new sales teams to expand distribution.

In a notable shift for the South African market, MultiChoice (Pty) Ltd has suspended its historic policy of annual price increases while simultaneously increasing subsidies for new customer equipment.

Read: Showmax to shut on 30 April

These aggressive commercial manoeuvres are paired with a “disciplined approach” to costs, including the implementation of a voluntary severance plan and the scheduled retirement of the Showmax OTT platform on 30 April 2026.

European discipline and global content hits

While Africa represents a change in scale, Canal+ continues to exercise “rigorous cost discipline” in its established European markets of France and Poland.

• In Poland: Revenue grew through OTT subscriptions and increased advertising and wholesale revenue, resulting in margin expansion.
•  In France: The group is benefiting from cost optimisation measures implemented last year to offset the termination of the C8 channel and the end of DAZN distribution.

The group’s content arm, StudioCanal, reported a 9.0% revenue increase, bolstered by strong box office performances from titles such as Guru and Children of the Resistance in France, and The Housemaid in Australia and New Zealand.

Eyes on the horizon

Canal+ has reiterated its full-year 2026 guidance, targeting flat revenue and an adjusted earnings before interest and tax (Ebit) of €735 million. The group also expects to deliver €250 million in adjusted Ebit savings through accelerated synergies by the end of the year.

The upcoming JSE listing is intended to fulfil commitments made to South African competition authorities while enhancing the long-term liquidity and tradability of Canal+ shares for South African investors.

“We are preparing Canal+’s secondary listing on the Johannesburg Stock Exchange on 3 June… marking an important milestone for Canal+,” Saada concluded.

Read:
How Canal+ will turn around battling MultiChoice
Inside Canal+’s plan to cut billions in costs at MultiChoice