March 11 (Reuters) - French media group Canal+ on Wednesday reported annual core profit ahead of guidance and said it would hire more than 1,000 salespeople in Africa as part of its turnaround strategy for its newly acquired MultiChoice subsidiary.
The producer of "Paddington", which is transforming into a global entertainment group, is aiming to turn round South Africa's MultiChoice and tap what CEO Maxime Saada has called Africa's "growth potential" after deciding to shut down the loss-making Showmax streaming platform earlier this week.
Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 527 million euros ($613 million) for 2025, above the company's guidance of 515 million euros.
The combined Canal+ and MultiChoice group reported revenues of 8.665 billion euros for 2025, with 42.3 million subscribers across its operations in Europe, Africa and Asia.
For 2026, Canal+ anticipates moderate organic revenue growth, with adjusted EBIT forecast to rise to 565 million euros. The company projects cash flow from operations above 500 million euros and an adjusted EBIT margin exceeding 9%.
Canal+ said it would address challenges at MultiChoice, which saw subscribers decline from 14.9 million to 14.4 million in 2025, with a 100-million-euro plan to improve content, simplify its offers and recruit more than 1,000 salespeople.
MultiChoice is expected to see a slight revenue decline in 2026, but adjusted EBIT is forecast to rise to around 170 million euros.
Canal+ will simultaneously launch a voluntary severance plan for support functions at MultiChoice.
($1 = 0.8597 euros)
Reporting by Leo Marchandon in Gdansk and Paul Sandle in London. Editing by Mark Potter
Source: Reuters