MultiChoice generated €1.805 billion in revenue for the nine months ended 30 September 2026, Canal+ reported in its trading update published on 22 October. Revenue increased 0.4% on a restated basis but declined 3.0% like for like.
The contrasting growth rates matter when assessing the business: Canal+ said a positive currency effect materially benefited reported revenue, while the like-for-like measure showed an underlying decline.
South African subscriptions weigh on revenue
Canal+ attributed the like-for-like decline primarily to lower subscription revenue in South Africa. Higher revenue in most other English-speaking markets partly offset that weakness.
The 3.0% figure describes MultiChoice’s overall like-for-like revenue decline, not a separate decline rate for South African subscriptions. The supplied figures do not give a standalone amount or percentage for South African subscription revenue.
Third-quarter decline moderates
MultiChoice’s like-for-like revenue declined 2.0% year on year in the third quarter, compared with a 3.4% decline in the first half. Canal+ said favourable comparison effects from the sporting-event lineup partly contributed to the change.
The narrower third-quarter decline provides a more recent view of trading, but revenue remained lower on a like-for-like basis. For businesses tracking MultiChoice’s performance, the distinction between currency-supported reported revenue and the underlying revenue trend is central to interpreting the results.
