StudioCanal’s theatrical lineup is giving Canal+ fresh momentum in 2026, with Pressure, Les Misérables, The Doll (Lalka) and the third Shaun the Sheep film delivering strong box-office performances.

Canal+ Group CEO Maxime Saada highlighted the releases Thursday as the company reported higher revenue for the first nine months of the year and reaffirmed its full-year guidance.

“2026 is shaping up to be a landmark year for StudioCanal,” Saada said, pointing to the four films’ commercial results while also promoting a wider slate that includes Ink, Elsinore and Violette (Changer l’eau des fleurs).

Ink opened the Venice Film Festival, while Elsinore won the International People’s Choice Award at the Toronto International Film Festival. Saada described Violette as “highly anticipated.”

Film Performance Feeds Into Canal+ Growth

The StudioCanal results were part of a broader increase for Canal+’s Content Production, Distribution and Other division. Revenue for that segment rose 9.3 percent on a restated basis during the January-to-September period, reaching €530 million ($596 million). On a like-for-like basis, the gain was 5.4 percent.

Canal+ attributed that improvement mainly to StudioCanal’s box-office strength, international sales and its expanded scale following the acquisition of Lucky Red in February 2026.

In the third quarter alone, the Content Production, Distribution and Other segment—which includes StudioCanal—recorded a 4.3 percent revenue increase. That growth helped Canal+ post third-quarter revenue of €2.13 billion ($2.39 billion), up 1.9 percent.

Across the first nine months of 2026, Canal+ generated total revenue of €6.41 billion ($7.20 billion), representing a 37.5 percent increase. The company said that rise was driven by its acquisition of African pay-TV company MultiChoice. When MultiChoice is excluded, revenue increased 1.3 percent to €4.65 billion ($5.22 billion).

Not every part of the business benefited during the quarter. Canal+ said Dailymotion was hurt by lower advertising amid what it called a challenging market backdrop.

Even with that pressure, Saada said the group remains “well on track” to meet its 2026 synergies target and deliver its full-year guidance.

A Tax Proposal Creates Uncertainty

Alongside its upbeat film and revenue update, Canal+ identified a possible financial obstacle tied to France’s proposed 2027 budget. The French government has proposed increasing the value-added tax rate applied to Canal+ activities in mainland France and overseas.

The group is challenging the measure with support from cinema organizations, sports federations and leagues. Canal+ said it has made progress in opposing the proposal, although the final outcome remains uncertain.

If the measure becomes law, the company intends to respond with subscription price increases and significant cost reductions designed to offset the financial effect. Management expects those steps, if required, to have their full impact in 2028.

MultiChoice Plans Move Forward in Africa

Canal+ also reported progress on its MultiChoice turnaround strategy. A simplified value proposition launched in South Africa in September, offering subscribers more content and choice at the same price. The company plans to continue rolling out the new offers across English- and Portuguese-speaking African markets in the coming months.

The group has also expanded its sports offering on the continent. Canal+ secured exclusive rights to all UEFA men’s club competitions in more than 40 countries for 2027 through 2031. The agreement is the company’s first major sports-rights acquisition spanning all of its African markets.

In addition, the group obtained rights across Africa for the 2027 Africa Cup of Nations and its qualifying campaign.

Despite the reported revenue growth and management’s confidence in the full-year outlook, Canal+ shares were down 6.3 percent in London trading as of 9:30 a.m. local time Thursday.

ShowBiz Take

StudioCanal’s contribution matters because the film operation’s box-office results and international sales are feeding directly into measurable growth for Canal+’s content division. The current performance also arrives alongside a slate with both festival recognition and upcoming releases, giving the studio several distinct sources of momentum rather than relying on a single title.

The wider financial picture is more complicated. Canal+’s headline nine-month growth was driven by MultiChoice, while revenue excluding that acquisition rose at a more modest rate. Meanwhile, the proposed VAT increase presents an unresolved risk that could eventually affect both subscription pricing and costs.

What Happens Next?

StudioCanal will look to build on the performance of Pressure, Les Misérables, The Doll and the third Shaun the Sheep film with its broader slate, including Ink, Elsinore and Violette. Canal+ will also continue introducing its new MultiChoice offers across parts of Africa while opposing the proposed French VAT change ahead of any final decision.