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MultiChoice Group’s focused interventions help to counter unprecedented headwinds

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MultiChoice

Amid an exceptionally challenging macroeconomic environment, MultiChoice Group (www.MultiChoice.com) continued to navigate external pressures through focused strategic interventions.

Download Factsheet (PT): https://apo-opa.co/45fegNJ

The Group delivered ZAR3.7bn in cost savings, well ahead of the revised ZAR2.5bn target set at the interim stage and almost double the ZAR1.9bn saved in FY24.

A disciplined approach to inflationary pricing, with increases of 5.7% in South Africa and an average of 31% in local currency in Rest of Africa, also helped to mitigate the impact of subscriber losses and supported 1% year on year (YoY) organic revenue growth.

“Our performance reflects both the challenges we’ve faced and the resilience of our teams. While macroeconomic pressures and currency volatility have weighed on our results, our disciplined execution, cost management and investment in new long-term growth opportunities position us well for the future,” says Calvo Mawela, MultiChoice Group CEO.

“We remain focused on being Africa’s entertainment platform of choice. Our strategy is shaped by developments in our industry such as changes in technology which are driving shifts in consumer behaviour, as well as the impact of a rise in piracy, streaming services, and social media,” says Mawela.

Highlighting the Group’s ability to adapt to these changes in the global video entertainment landscape, new products and services delivered strong YoY growth. Revenue from DStv Internet grew by 85%, KingMakers 76% (in constant currency) and DStv Stream 48%. Showmax active paying customers increased by 44% YoY.

Importantly, the group returned to a positive equity position through a combination of cost savings, a stabilisation in currencies, and the accounting gain on the sale of 60% of the Group’s shareholding in its insurance business (NMSIS) to Sanlam.

Financial Results Overview

Subscriber base: The rate of subscriber decline has decelerated, with the active linear pay-TV subscriber base of 14.5m reflecting a decline of 8% compared to 11% (14.9m) in FY24. The pressure was mainly due to a weak consumer environment across markets.

Group revenues: On an organic basis, revenues increased by 1% YoY, driven by pricing and new product growth. On a reported basis, revenues declined by 9% YoY to ZAR50.8bn, primarily due to an 11% drop in subscription revenue, as well as the impact of currency headwinds, and the deconsolidation of the NMSIS insurance business from December 2024.

Group trading profit: Trading profit increased by 20% YoY, before accounting for the investment in Showmax, the impact of currency weakness and M&A activity. After incorporating Showmax’s trading losses and ZAR5.2bn in foreign currency revenue losses, and partially offset by the ZAR3.7bn in cost savings, trading profit on a reported basis declined to ZAR4.0bn.

Adjusted core headline earnings is the board’s measure of the underlying performance of the business. The Group posted a loss of ZAR0.8bn, as a result of the lower trading profit and hedging losses compared to hedging gains in the prior year, partly offset by smaller losses from repatriating cash from Nigeria.

Cash flow and liquidity: The Group recorded a free cash outflow of ZAR0.5bn, due to lower profitability and higher lease repayments due to timing. This was partly offset by improved working capital management and a 29% YoY reduction in capital expenditure.

At year-end, the Group held ZAR5.1bn in cash and cash equivalents and had access to ZAR3.0bn in undrawn general borrowing facilities.

Operational update

General entertainment and sport

Our disciplined execution, cost management and investment in new long-term growth opportunities position us well for the future

Local content remains a key differentiator. The Group added over 5,340 hours of local content in the year, bringing the total local content library to more than 91,470 hours and cementing its position as Africa’s largest producer of original content.

Flagship reality show, Big Brother Mzansi, drew a record-breaking 3.8 million views for its season finale and received 293 million votes. In Nigeria, Big Brother Naija, continued to attract strong viewership into its ninth season.

Sport also plays a critical role in the Group’s content offering. SuperSport broadcast 47 839 hours of live coverage (+7% YoY) and produced 1 029 live events. Key highlights included the Paris 2024 Olympic Games, EURO 2024 football, three major ICC cricket tournaments and the SA 20 Season 3.

SuperSport Schools continue redefine the landscape of school sports broadcasting. Its app saw 46% growth in registered users to reach 1.2 million, while the platform reached nearly 11 million unique viewers through the app and Channel 216 on DStv and delivered over 50 000 hours of new content.

Business segments

MultiChoice South Africa focused on subscriber retention and win-backs, identifying remaining growth opportunities, as well as optimising processes and systems to improve customer experience and operational efficiency. To enhance its value-proposition, the business tiered down certain channels, reintroduced the second concurrent stream at no extra cost and priced down its DStv ADD Movies package from R79 to R49. It also entered into new strategic partnerships with Capitec, MTN and PEP to expand its market presence.

Faced with a tough operating environment, MultiChoice Africa implemented inflation linked price increases and continued its cost-containment measures by reducing spend in subsidies, marketing, content and transmission costs. Post year-end it piloted weekly subscriptions in Uganda to better align subscription periods with customers’ cash flows.

As a start-up business, Showmax focused on improving customer affordability and reach through distribution partnerships, improving customer sign-up journeys, improving platform development and continuing to expand payment options. Although subscriber growth has lagged initial exponential growth targets, Showmax still delivered a healthy 44% growth in active paying subscribers and gained market share in a regional streaming market which experienced muted growth.

Irdeto grew revenue by 8% YoY on an organic basis (5% reported), increasing external revenue in all three market segments namely Video Entertainment, Gaming and Connected Transport. Revenues generated from new service lines increased to a pleasing 42% of total revenue, underpinned by innovative solutions to enhance security and interoperability in the transportation sector.

KingMakers delivered strong organic growth in sports betting and i–gaming. BetKing Nigeria continues to gain strong momentum, especially in its online business. SuperSportBet, the South African business launched in 2024, is showing early signs of success and reported a material increase in monthly net gaming revenue during the year.

Live in 44 African countries, Moment continues to scale rapidly, with total payment volumes (TPV) reaching USD635m, seven times higher than FY24. Moment processed 56% of the Group’s payment volumes, compared to only 20% a year ago, and at the end of March this year, its annualised payments run rate exceeded USD1bn.

Looking Ahead

The Group remains focused on building a sustainable, long-term future by executing against its key strategic priorities. For the year ahead, there are three clear priorities:

  • Stabilise the topline in the video businesses through focused retention initiatives, while supporting rapid topline growth in the group’s interactive entertainment, fintech and insurance investees,
  • Continue to drive operating, cost and working capital efficiencies into the group to protect profitability and cash flows,
  • Continue to work with Canal+ towards a successful close of their mandatory offer in order to unlock significant long-term benefits for the combined entities and their respective stakeholders.

Management has set a cost saving target of ZAR2.0bn for FY26 in an ongoing effort to reset the business for a shifting trading environment.

On the back of its topline initiatives and cost and cash flow interventions, the group aims to deliver margins for MultiChoice SA in the mid-twenties range, to return MultiChoice Africa to profitability while limiting its funding and narrow trading losses in Showmax.

Distributed by APO Group on behalf of MultiChoice Group

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Energy

U.S.-Africa Energy & Minerals Forum Expands to Critical Minerals and Supply Chain Security

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Africa

This year’s U.S.-Africa Energy & Minerals Forum in Houston signals a strategic shift toward integrated energy and critical minerals investment, strengthening U.S. partnerships across Africa’s resource and industrial value chains

HOUSTON, United States of America, February 26, 2026/APO Group/ –The U.S.-Africa Energy & Minerals Forum (USAEMF) has relaunched with a dedicated focus on critical minerals, marking an important evolution in its role as a platform for U.S.-Africa commercial engagement. Building on its foundation in energy, power and industrial projects, the forum’s expanded scope positions it at the center of investment conversations shaping the future energy economy.

 

Scheduled for July 21–22, 2026, in Houston, Texas, USAEMF comes at a time of surging global demand for copper, cobalt, lithium, manganese and rare earth elements, driven by electrification, battery storage, AI infrastructure and advanced manufacturing. Africa is increasingly critical to securing these materials, highlighting how energy and minerals are now interconnected pillars of industrial growth, geopolitical stability and decarbonization.

The forum’s minerals mandate deepens engagement with African producers – particularly the Democratic Republic of Congo (DRC), home to some of the world’s largest copper and cobalt reserves. Momentum is building through the U.S.–DRC strategic minerals framework and the U.S.-backed Orion Critical Mineral Consortium, a major investment platform supported by the DFC and private partners. The consortium is pursuing a 40% stake in the Mutanda and Kamoto copper-cobalt operations in a $9 billion transaction, securing long-term supply for allied markets while reinforcing cooperation on infrastructure, security and supply-chain governance.

Placing critical minerals at the center while maintaining strong hydrocarbons engagement strengthens U.S.-Africa commercial ties

U.S. financing is also expanding across the region, with the DFC managing a continental portfolio exceeding $13 billion to support mining, processing and transport infrastructure for critical mineral supply chains. Recent commitments include rare earth, graphite and potash projects in Malawi, Mozambique and Gabon; broader investments in Uganda, Tanzania, Zambia and South Africa; and $553 million linked to the development of the Lobito Corridor. The DFC is also a major backer of TechMet, a U.S.-supported investment firm valued at over $1 billion, which is raising up to $200 million to expand copper, cobalt, lithium and rare earth assets and pursue new opportunities across the DRC and Zambia. Together, these initiatives underscore Washington’s push to diversify battery-mineral supply while positioning Africa as a long-term partner in clean energy and industrial value chains.

Houston’s role as host city reflects the alignment between American industrial capacity and African resource development. Long established as a global energy hub, the city is expanding into energy transition technologies, advanced materials, carbon management and industrial innovation. By convening African governments with U.S. private equity, development finance institutions, exporters, insurers and technical service providers, the forum creates a commercial platform capable of converting mineral potential into bankable projects.

“The evolution from USAEF to USAEMF reflects a broader shift toward integrated energy and mineral development,” states Nadine Levin, Portfolio Director at Energy Capital & Power, forum organizers. “Placing critical minerals at the center while maintaining strong hydrocarbons engagement strengthens U.S.-Africa commercial ties and advances projects that deliver long-term shared value.”

While critical minerals define the forum’s strategic expansion, the U.S.’ longstanding role in Africa’s energy sector remains central to the platform’s value proposition. American energy companies continue to advance exploration and development across key upstream markets, support gas monetization in the Gulf of Guinea and revitalize mature production in North Africa. U.S. export credit and development finance are also helping unlock large-scale LNG capacity in Mozambique while supporting optimization and expansion across existing gas infrastructure in West Africa – demonstrating how American capital, engineering expertise and risk-mitigation tools convert resource potential into delivered energy systems.

USAEMF is the leading platform connecting U.S. capital and technical expertise with Africa’s energy and minerals sectors. For more information or to participate at the upcoming forum, please contact sales@energycapitalpower.com

Distributed by APO Group on behalf of Energy Capital & Power.

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Pesalink and Pan-African Payment and Settlement System (PAPSS) Unlock Cross-Border Payments in Local Currencies in Kenya

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Pesalink

The Pesalink–PAPSS partnership will reduce costs, speed up settlements, and help individuals, SMEs and businesses send money more efficiently across borders

NAIROBI, Kenya, February 26, 2026/APO Group/ —

  • Instant 24/7 bank-to-bank transfers across African borders in local currencies.
  • Simpler cross-border payments for individuals, businesses, and SMEs.
  • 80 plus Pesalink network participants now linked to 160 plus PAPSS participating banks.

 

Pesalink, Kenya’s de facto instant payment network, has partnered with the Pan-African Payment and Settlement System (PAPSS) to ease cross-border payment and speed up regional financial integration.

 

The partnership enables instant 24/7 cross-border payments from PAPSS participants into banks and mobile money operators within the Pesalink network in Kenya, all settled in local currencies. This reduces complex correspondent banking requirements and reliance on foreign reserve currencies.

 

Kenyan banks will now be able to offer faster, cheaper cross-border payments

PAPSS, an initiative of the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, enables cross-border payments between African countries. Pesalink is now a Technical Connectivity Provider. It means that 80 plus Kenyan bank, fintech, SACCO and telco participants on the Pesalink network will be connected to 160 plus commercial banks and fintechs on the PAPSS platform.

 

Cross-border payments remain expensive and slow for many African businesses. The 2023 (http://apo-opa.co/4baDSh7) World Bank Remittance Prices report indicates that sending money across African borders incurs on average 7-8% of the total value sent (above the global average of 6–7%). Settlement can also take three to seven business days.

 

The Pesalink–PAPSS partnership will reduce costs, speed up settlements, and help individuals, SMEs and businesses send money more efficiently across borders.

 

Speaking during the partnership signing held at Pesalink offices in Nairobi, PAPSS CEO Mike Ogbalu III said, “For PAPSS to deliver true impact, collaboration with national and private switches like Pesalink is essential. Pesalink is the first switch we’ve piloted for transaction termination in Kenya, and we are already seeing greater adoption by opening more channels for seamless, local-currency cross-border payments across Africa.”

 

Pesalink CEO, Gituku Kirika, said “Kenyan banks will now be able to offer faster, cheaper cross-border payments. They will be helping their customers grow more regional trading relationships and thrive in a more integrated digital economy.”

Distributed by APO Group on behalf of Afreximbank.

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Events

Africa Trade Conference Returns to Cape Town with Esteemed Speakers Driving Africa’s Trade Agenda

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Africa

Second edition convenes global policymakers, business leaders, and innovators to accelerate Africa’s integration into global trade

CAPE TOWN, South Africa, February 26, 2026/APO Group/ –Access Bank Plc (www.AccessBankPLC.com) is proud to announce the distinguished line-up of speakers for the second edition of the Africa Trade Conference (ATC 2026), scheduled to take place on March 11, 2026, at the Cape Town International Convention Centre, Cape Town, South Africa. Building on the strong foundation of its inaugural edition, ATC 2026 will convene an exceptional assembly of global and African leaders, policymakers, investors, and business executives committed to shaping the future of trade on the continent.

The Africa Trade Conference has rapidly emerged as a premier platform for advancing dialogue and action around Africa’s evolving role in global commerce. The 2026 edition will feature influential voices from across finance, government, development institutions, and the private sector, who will share insights on unlocking trade opportunities, strengthening intra-African commerce, enabling business expansion, and positioning African enterprises for global competitiveness.

The confirmed speakers represent a powerful cross-section of leaders driving Africa’s economic transformation.

Building on the momentum of its maiden edition, which convened senior decision-makers from 28 countries, the 2026 conference with the theme “Turning Vision into Velocity: Building Africa’s Trade Ecosystem for Real-World Impact”, will have the keynote address delivered by Kennedy Mbekeani, Director General, Southern Africa Region, African Development Bank (AfDB), alongside Kwabena Ayirebi, Managing Director, Banking Operations at the African Export-Import Bank. Their joint keynote will address the evolving financing landscape for African trade and the strategic pathways for unlocking continental prosperity.

The welcome address will be delivered by Roosevelt Ogbonna, CEO/GMD, Access Bank Plc, who will set the tone for discussions centered on trade transformation, financial inclusion, and regional competitiveness, while Tolu Oyekan, Managing Director & Partner at Boston Consulting Group, will deliver insights on “Africa Trade Outlook 2026”, examining emerging macroeconomic trends, supply chain shifts, and growth opportunities across key sectors.  The CEO of Pan-African Payment and Settlement System, Mike Ogbalu, will be engaging the conference participants on the topic, “Building a Connected Africa Through Trade, Payments & Technology”, focusing on how payment interoperability and digital infrastructure can accelerate the African Continental Free Trade Area (AfCFTA) agenda.

The calibre of speakers confirmed for this year’s conference underscores the urgency and opportunity before us

The conference will also host a High-Level Ministerial Panel that features Elizabeth Ofosu-Adjare, the Minister for Trade, Agribusiness & Industry, Ghana; Tiroeaone Ntsima, Minister of Trade and Entrepreneurship, Botswana; Mr. Florian Witt, Divisional Head, International & Corporate Banking Oddo-BHF, Ms. Nathalie Louat – Global Director, International Finance Corporation (IFC), Dr Isaiah Rathumba – Head of Department, Limpopo Economic Development, Environment and Tourism and Mr. Alfred Idialu – Chief Rep Officer, Deutsche Bank among other policymakers shaping trade policy across the continent.

Commenting on the announcement, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, said:
“The Africa Trade Conference reflects our unwavering commitment to advancing Africa’s economic transformation by creating a platform that brings together the leaders, institutions, and ideas shaping the future of trade. The calibre of speakers confirmed for this year’s conference underscores the urgency and opportunity before us. Africa is not only participating in global trade, it is helping to redefine it. Through this convening, we aim to catalyse partnerships, unlock new opportunities for businesses, and accelerate Africa’s integration into global value chains.”

“At Access Bank, we see ourselves not just as financiers, but as connectors of markets, ideas, and opportunities. Our role is to help African businesses move from ambition to impact, from local relevance to global competitiveness.”

With operations in 24 countries globally, including 16 across Africa, Access Bank’s expansive footprint places it in a unique position to facilitate cross-border trade, unlock regional value chains, and simplify the complexities of doing business across markets.

“Our presence across Africa and key global corridors gives us a front-row seat to the realities of trade. It also gives us the responsibility to design solutions that are inclusive, scalable, and future facing. ATC 2026 is part of that commitment, Ogbonna added.

ATC 2026 is expected to catalyze partnerships, enable policy dialogue, and provide actionable strategies for businesses operating within and beyond the continent.

The Access Bank Chief puts it thus, “Africa will not be a spectator in the remaking of global trade. We will be one of its architects. ATC 2026 is where those blueprints will be drawn.”

For more information and registration, please visit https://apo-opa.co/4sdXWF7

Distributed by APO Group on behalf of Access Bank PLC.

 

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