Canal+'s FY2025 Results and 2026 Africa Outlook

The numbers Canal+ released on March 11 tell two stories at once. In French-speaking Africa, where the company has operated since the 1990s, 2025 was one of the strongest subscriber years in 15. The base reached 9.7 million, up from 8.7 million at end-2024, driven in part by AFCON sports rights, which drew peak audiences of 5 million viewers for a single match in Morocco.

Then there is MultiChoice. The South African-headquartered pay-TV group that Canal+ completed acquiring in late 2025 lost 500,000 subscribers in 2025. Revenue fell 6 percent. Adjusted earnings before interest and tax dropped 14 percent. Free cash flow was negative.