Canal+ Sets Date for JSE Listing as MultiChoice Integration Advances

Following its acquisition of MultiChoice last year, Canal+ has confirmed it will list on the Johannesburg Stock Exchange (JSE) on 3 June, becoming the first French company to do so.

Final approval from the JSE is still pending, although clearance is expected soon. The listing follows commitments made to South African competition authorities and will run alongside Canal+’s primary listing in London. Management expects it to improve share liquidity while opening access for South African investors.

Revenue Performance and Growth Drivers

Details were released alongside Canal+’s first-quarter trading update. Group revenue reached €2.17 billion on a restated basis, including MultiChoice, a slight year-on-year dip of 0.4%. Excluding MultiChoice, revenue rose 1.8% to €1.57 billion, supported by stronger pay-TV performance in French-speaking Africa and higher income from content production and distribution after the acquisition of Lucky Red.

Performance at MultiChoice remained under pressure, with revenue falling 6.2% to €617 million, or 4% on a like-for-like basis. Subscription income held steady in constant currency terms, while non-subscription revenue declined due to higher decoder subsidies, lower content sales, and reduced insurance commissions. Advertising offered some support, helped by events such as the SA20 and the Africa Cup of Nations.

Streaming Changes and Integration Focus

Canal+ is also making changes to its streaming business, with Showmax set to close on 30 April. Its results will be treated as a discontinued operation from 1 May. It generated €9 million in the first quarter, down 25% year on year, as activity wound down ahead of its integration into MultiChoice’s DStv platform.

With leadership now in place, Canal+ has shifted from planning to execution as it integrates MultiChoice into its operations. Group CEO Maxime Saada said the focus is now on implementation across the combined business.