CANAL+ is struggling to reverse the fortunes of MultiChoice South Africa, the country's largest pay-TV operator, as revenue fell 3% in the nine months to September on weaker subscription income.

The France-based media group is counting on revamped DStv packages and stronger content to arrest the decline. According to CANAL+'s latest trading update released on Thursday, MultiChoice's revenue dropped 3% on a like-for-like basis to September 2026 — a measure that adjusts for currency movements and changes in the scope of the business. On a reported basis, revenue rose 0.4% to €1.81 billion ($2.03 billion), helped by a material positive currency effect.

CANAL+ said the like-for-like decline was driven by lower subscription revenue in South Africa, partly offset by higher revenue across most other English-speaking African markets. The pace of decline moderated to 2% in the third quarter from 3.4% in the first half, though the group attributed part of the improvement to more favourable comparisons with the prior year's sporting calendar rather than solely to its turnaround efforts.

The figures come as CANAL+ works to simplify MultiChoice's offerings and strengthen the value proposition for subscribers following its acquisition of the operator, completed in September 2025. The takeover handed the French group — long dominant in French-speaking Africa — control of Africa's largest pay-TV operator, and South Africa, MultiChoice's home market and its largest, has become the most visible test of whether the combination can deliver.

"We are making good progress with the MultiChoice turnaround plan," CANAL+ chief executive officer Maxime Saada said in the trading update. "In September, a new, simplified value proposition was launched in South Africa, providing subscribers with more content, greater choice, and better value for the same price."

MultiChoice introduced the new packages on September 7, towards the end of the reporting period, leaving little time for their impact to show in the nine-month results. CANAL+ said the rollout would extend to English- and Portuguese-speaking African markets over the coming months.

The strategy coincides with broader changes to MultiChoice's entertainment business, including the discontinuation of Showmax, its subscription video streaming service, in April. CANAL+ has treated Showmax as a discontinued operation in its financial reporting and has said it intends to keep investing in premium content, technology and strategic partnerships as it reshapes the offering. The trading update, however, does not disclose subscriber numbers or average revenue per user, limiting the available evidence on whether the changes are improving customer retention or spending.

At group level, CANAL+ reported nine-month revenue of €6.41 billion ($7.2 billion), up 37.5% year on year — an increase driven primarily by the consolidation of MultiChoice after the acquisition rather than equivalent underlying growth. On a like-for-like basis, group revenue slipped 0.3%. Excluding MultiChoice, revenue rose 0.8%, supported by French-speaking Africa and the group's content production and distribution operations.

Africa and Asia revenue, including MultiChoice, rose 3.1% on a restated basis. The headline figure masks diverging performances: CANAL+'s Africa and Asia operations excluding MultiChoice recorded like-for-like revenue growth of 10.2%, while MultiChoice declined. In French-speaking Africa — historically the heartland of CANAL+'s subscriber base on the continent — the group said subscriber growth was supported by a compelling content line-up and improved distribution efficiency. CANAL+ Telecom Africa, an African telecommunications and fibre broadband operator, posted double-digit revenue growth, driven by the expansion of its fibre-to-the-home network and stronger commercial momentum.

"We delivered a solid performance in the first nine months of the year as continued to execute our strategy. Revenue was in line with our expectations, supported by strong momentum in French-speaking Africa and at STUDIOCANAL," Saada said.

CANAL+ is also reinforcing its sports offering to protect its position in the African entertainment market. The group secured exclusive rights to all UEFA men's football club competitions across more than 40 countries for 2027 to 2031, alongside rights across Africa for the 2027 Africa Cup of Nations and its qualifying campaign. The UEFA cycle only begins in 2027, so the expanded sports slate will land after the current guidance period rather than within it.

CANAL+ said it remained on track to deliver its 2026 financial guidance, which includes €735 million ($825 million) in adjusted earnings before interest and tax and €250 million ($281 million) in targeted synergies measured by adjusted earnings before interest and tax.