CANAL+ (LSE:CAN) shares have edged higher, rising 2.4% to 235p after a Q1 trading update saying group revenue was broadly flat and reiterating full‑year 2026 guidance.
Total group revenue was €2,169m, up 41% versus a restated Q1 2025 excluding MultiChoice but broadly flat (-0.4%) versus the restated including MultiChoice comparator, while group revenue excluding MultiChoice rose 1.8% to €1,567m.
"We have made a solid start to 2026 as we begin the operational execution phase of our strategy," said Maxime Saada, Chief Executive Officer.
Europe revenue declined 1.6% to €1,127m on a reported basis and 2.1% like‑for‑like, hurt by the termination of C8, the end of DAZN distribution in France and the divestment of the Hungarian DTH base, partly offset by wholesale gains and OTT uptake in Austria.
Africa and Asia revenue increased 242.6% to €889m reflecting the inclusion of MultiChoice, while MultiChoice revenue itself declined, in line with management expectations, driven by lower non‑subscription revenue, FX effects and higher subsidies to new subscribers.
CANAL+ said French‑speaking Africa saw stronger subscriber acquisition, positive pricing effects and higher advertising from AFCON, and that GVA and Myanmar also delivered growth.
STUDIOCANAL contributed with several strong box‑office releases and higher library sales, and Dailymotion grew advertising revenue, notably in the US. The group said the MultiChoice turnaround plan is under way with new commercial hires and increased subsidies in South Africa, the MultiChoice voluntary severance plan has begun, and CANAL+ remains on track to deliver €250m of adjusted EBIT savings in 2026.
CANAL+ reiterated full‑year 2026 targets of flat revenue, Adjusted EBIT of €735m, CFFO before VAT settlement & restructuring above €600m and FCF before VAT settlement & restructuring above €250m.
