Canal+ has reported a 68% rise in adjusted EBIT for the first half of 2026, with the French media group crediting the consolidation of MultiChoice for most of the increase.

In unaudited half-year results for the six months to 30 June 2026, Canal+ said group revenue rose 40% to €4,287 million, or about $4.97 billion, while adjusted EBIT before exceptional items climbed 68% to €433 million, or about $502 million. That lifted the group’s margin to 10.1%. Cash flow from operations before exceptional items reached €559 million, while free cash flow before exceptional items came to €414 million.

The company reaffirmed its full-year outlook, including flat revenue, adjusted EBIT of €735 million, cash flow from operations before exceptional items above €600 million, and free cash flow above €250 million.

MultiChoice, which Canal+ took full control of in September 2025, accounted for most of the improvement. The unit’s adjusted EBIT before exceptional items rose 160% to €143 million, or about $166 million, according to the filing.

During the earnings call, Canal+ management said the improvement came despite a decline in revenue and cost inflation that together weighed on results by about €35 million. MultiChoice revenue still fell 3.4% on a like-for-like basis, which the company attributed mainly to lower equipment revenue linked to subsidised handsets for new subscribers. That detail matters because it shows the turnaround is being driven by operating changes rather than a simple rebound in demand, even as the group continues to absorb the integration of a large African pay-TV business.

At the group level, MultiChoice’s consolidation pushed Africa and Asia revenue up 242.6% to €889 million, or roughly $1.03 billion. Excluding the MultiChoice effect, group revenue growth was 1.4%, while Africa and Asia adjusted EBIT excluding MultiChoice rose 9%, which Canal+ said was driven by revenue growth in pay-TV and fibre-to-the-home.

Management said MultiChoice’s subscriber base was broadly flat compared with the first half of 2025, a notable improvement from the roughly 10% decline recorded between the first half of 2024 and the first half of 2025. New subscriber acquisition in MultiChoice markets increased 40% year on year, and Canal+ said June 2026 was the strongest month for subscriber acquisition in South Africa in a decade.

The company said the improvement reflected several operational changes. It cut equipment prices for new subscribers to reduce the barrier to entry and expanded its number of points of sale by more than 15% since March. Chief Executive Maxime Saada said the combined African subscriber base grew 7% over the period.

The recovery comes after a difficult 2025 for MultiChoice, when full-year revenue fell 6% to €2.40 billion, or about $2.78 billion, and the subscriber base declined from 14.9 million to 14.4 million. Canal+ has linked that drop to Nigerian currency devaluation, power outages and the costly Showmax streaming investment. Canal+ is now unwinding Showmax as a standalone platform and folding it into DStv, a sign the group is trying to simplify its streaming and pay-TV offering while reducing overlap across products.

Canal+ said cost synergies from the MultiChoice acquisition remained on track toward its 2026 target. The group has previously flagged a €140 million headwind for MultiChoice in 2026 from subscriber inertia and cost inflation, against which it is running a €100 million boost plan that includes hiring more than 1,000 sales staff across African markets.

Following the results, Canal+ shares rose 6.99% to $248 from the previous close of $231.8, a gain of $16.2 in the session. The stock is now about 11.7% above its 52-week low of $184.1, but remains about 24.2% below its 52-week high of $327.3.

The group’s medium-term targets remain adjusted EBIT above €850 million, cash flow from operations before exceptional items above €800 million, and free cash flow above €500 million, or about $580 million.