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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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Nigeria and Senegal Must Follow Ghana and Mozambique Against Exclusionary Practices

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African Energy Chamber

African private sector leaders call for withdrawal from Frontier Energy events that marginalize local talent, championing inclusion, fair contracting and the Alliance model of partnership

JOHANNESBURG, South Africa, April 10, 2026/APO Group/ –The African private sector is raising the alarm over Frontier Energy Network’s policies that systematically exclude African professionals and service providers from meaningful roles in major energy forums. Such exclusionary practices threaten decades of progress in African energy development, including local capacity building, knowledge transfer and economic participation.

Frontier’s approach, framed as a global platform for Africa, is in practice a system that extracts value from the continent while denying Africans the opportunities to lead, participate and benefit. Marginalizing the very people who build, operate and sustain energy projects is not partnership – it is structural exclusion masquerading as opportunity.

African businesses – particularly in Nigeria and Senegal, which drive regional growth – must reassess their participation in platforms that perpetuate these policies. African capital, sponsorship and attendance cannot continue to legitimize forums where local stakeholders are systematically sidelined. Market access must be earned and mutually respected.

Mozambique and Ghana have already set a precedent. In March 2026, Mozambique’s oil and gas industry withdrew from the Africa Energies Summit in London, citing repeated failures by the organizers to improve diversity, transparency and inclusion of Black professionals in leadership, contracting and deal-making roles. In early April 2026, the Ghana Energy Chamber followed suit, formally pulling out of the same summit over discriminatory hiring practices that sidelined African professionals, executives and service providers. These coordinated actions send a clear message: Africa will no longer support platforms that deny its talent the right to lead, contribute and benefit.

Africa will no longer sit quietly while its talent is excluded from opportunities on its own continent

The gold standard for companies to thrive in Africa is robust collaboration with international partners while building local capacity – exemplified by Senegal-based energy services company Alliance Energy. Alliance has advanced African expertise in the sector, notably supporting the launch of the National Institute for Petroleum and Gas in Senegal to train young professionals for leadership roles, while backing diverse energy initiatives across power, solar, gas and wind that strengthen Senegal’s position as a regional energy hub.

This success demonstrates that African companies flourish when local talent, leadership, contracting and workforce development are central to execution, alongside strategic partnerships with the US, UK and Europe. Any entity attempting to operate in Africa without a commitment to hiring or contracting local professionals threatens not only the ecosystem that nurtured companies like Alliance Energy but also the continent’s broader ambition to grow regional capability, ownership and sustainable energy development.

“The message is simple,” says Dr. Ndjuga Dieng, Managing Director of Alliance Energy. “Africa will no longer sit quietly while its talent is excluded from opportunities on its own continent. Nigeria, Senegal and all African nations must follow the lead of Ghana and Mozambique by standing against platforms that discriminate. Protect your people, your companies and your energy future. Inclusion is not optional – it is the foundation of growth.”

African energy markets have historically thrived on collaboration, both within the continent and with international partners. Events such as the Offshore Technology Conference (OTC) and the Invest in African Energy (IAE) Forum exemplify this model, integrating African executives, policymakers and service providers into core programming, deal-making and knowledge transfer.

African stakeholders must prioritize platforms that respect local content, equitable hiring and fair contracting. Strategic withdrawal from exclusionary events is not isolationism – it is a stand for principle, economic logic, and the future of Africa’s energy sector. The continent defines its own trajectory and will engage only with partners that recognize African talent as integral, not optional, to the industry’s future.

The position advanced by Alliance Energy aligns with broader advocacy across the continent, including that of the African Energy Chamber, which has consistently called for stronger local content policies, fair contracting practices and greater inclusion of African professionals across the energy value chain. This alignment underscores a growing consensus among African private sector leaders that sustainable industry growth depends on meaningful participation by local companies and talent, not their exclusion.

Distributed by APO Group on behalf of African Energy Chamber.

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Sheraton Nouakchott marks the entry of Marriott International in Mauritania

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Nouakchott

As Mauritania’s cultural and economic heart, Nouakchott offers visitors a glimpse into the serene beauty and rich heritage that define this remarkable Northwest African nation

We are proud to have brought Marriott International to Mauritania with the opening of Sheraton Nouakchott, the first internationally operated and branded hotel in the country

NOUAKCHOTT, Mauritania, April 10, 2026/APO Group/ –Sheraton Hotels & Resorts, part of Marriott Bonvoy’s (www.Marriott.com) portfolio of more than 30 hotel brands, recently celebrated the opening of Sheraton Nouakchott Hotel (https://apo-opa.co/4t3YGO4), marking the entry of Marriott International into a new territory, Mauritania. Since opening its doors, Sheraton Nouakchott has, positioned itself as a new hub for business, events and leisure in the Mauritanian capital.

 

Nouakchott, the capital of Mauritania, is a coastal city where tradition and modernity meet. Nestled between the vast Sahara and the Atlantic Ocean, it serves as a gateway to the country’s breathtaking natural landscapes, from golden dunes and tranquil oases to rugged coastlines and untouched desert plains. As Mauritania’s cultural and economic heart, Nouakchott offers visitors a glimpse into the serene beauty and rich heritage that define this remarkable Northwest African nation.

Ideally located near iconic landmarks such as the Marché Capitale and the National Museum of Mauritania, as well as Nouakchott’s beaches and fishing port — and just a short distance from the desert — Sheraton Nouakchott offers an ideal base from which to discover the destination.

“We are proud to have brought Marriott International to Mauritania with the opening of Sheraton Nouakchott, the first internationally operated and branded hotel in the country. Since welcoming our first guests, the hotel has quickly established itself as a destination for both travellers and the local community. This milestone underscores our commitment to delivering exceptional hospitality experiences in emerging markets, while celebrating the culture and character of each destination,” said Sandra Schulze‑Potgieter, Vice President, Premium, Select & Midscale Brands, Europe, Middle East & Africa, Marriott International.

Local design inspiration

Traditional crafts, from wood carving to metalwork, are woven throughout the hotel’s materials and furnishings, creating spaces that feel both rooted and refined. Every detail tells a story of local artistry, heritage and place, offering guests an immersive experience inspired by Mauritania’s cultural and natural beauty.

Inspired by the legendary landmarks along the Trans‑Saharan trade route, the hotel’s design blends regional heritage with contemporary elegance. The circular ceiling of Feast restaurant draws inspiration from the Richat Structure, also known as the Eye of Africa. Earthy tones and organic materials reference the dramatic landscapes of the Adrar Mountains, while patterns inspired by Chinguetti and Oualata are reinterpreted throughout guest rooms, public spaces and Bene restaurant.

Meeting spaces echo the stone architecture of Tichitt, one of West Africa’s oldest towns and a historic caravan hub.

Guest rooms and suites with local charm

Sheraton Nouakchott features 200 spacious guest rooms and suites, including two Presidential Suites, combining contemporary comfort with subtle local touches. All rooms are equipped with the latest technology and Sheraton signature amenities, including the iconic Sheraton Sleep Experience.

The Sheraton Club offers Marriott Bonvoy Elite members and Club guests an elevated, all‑day experience, with curated food and beverage offerings, premium amenities, enhanced connectivity and a private environment designed for both productivity and relaxation.

Local flavours meet international influence

The hotel features two restaurants, a Lobby Bar and a Pool Bar. Feast, the all‑day dining restaurant, serves locally inspired and international dishes made with seasonal ingredients. Bene offers an immersive Italian dining experience in a warm, inviting setting. The Lobby Bar provides a relaxed meeting point from morning coffee to evening gatherings, while the Pool Bar offers refreshing drinks and light bites by the outdoor pool.

 

Facilities offering a resort feel in the heart of the city

Despite its central urban location, Sheraton Nouakchott delivers a resort‑like atmosphere, centred around an expansive outdoor pool. Guests can maintain their fitness routines in the fully equipped fitness centre — featuring separate floors for women and men, hammam and sauna — or enjoy the outdoor tennis court. The Sheraton Spa features three treatment rooms, offering a peaceful retreat after a day of exploration or meetings.

Meetings & events curated to perfection

Sheraton Nouakchott offers more than 2,600 square metres of flexible Meetings & Events space, including a Grand Ballroom, a Ballroom and four additional meeting rooms. A signature Sheraton Community Table sits at the heart of the hotel, providing a welcoming space for informal meetings, remote work and collaboration. A dedicated events team ensures seamless delivery from concept to execution.

Gatherings by Sheraton

In line with Sheraton’s global community‑centred approach, Sheraton Nouakchott hosts Gatherings by Sheraton, curated weekly experiences designed around enrichment, renewal and local stories. Guests and locals can take part in Mauritanian mixology sessions using local mint tea and fruits, or storytelling evenings inspired by Saharan traditions.

Distributed by APO Group on behalf of Marriott International, Inc..

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African Energy Chamber (AEC) Supports Perenco Partnership to Advance Industry 4.0 Skills in Central Africa

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African Energy Chamber

The African Energy Chamber welcomes Perenco Cameroon and Perenco Gabon’s partnership with UCAC-ICAM to launch an Industry 4.0 lab, advancing local skills development and strengthening Africa’s industrial future

JOHANNESBURG, South Africa, April 9, 2026/APO Group/ –A new partnership between Perenco Cameroon, Perenco Gabon and the UCAC-ICAM Institute in Douala to establish an Industry 4.0 laboratory marks a significant step toward aligning academic training with the evolving needs of the energy and industrial sectors. The facility will give students access to advanced automation, digital simulation and smart production technologies, helping close the gap between academic learning and the practical, industry-ready skills required across Central Africa’s industrial landscape.

 

As the voice of Africa’s energy sector, the African Energy Chamber (AEC) welcomes the initiative as a scalable model for local content development. By equipping students with Industry 4.0 capabilities, the laboratory directly supports the Chamber’s mandate to ensure greater in-country value creation and workforce participation across Africa’s energy value chain. The initiative also addresses critical skills shortages, enabling operators to increasingly rely on locally trained talent.

 

Developing local skills is fundamental to building a competitive and sustainable energy sector in Africa

The partnership underscores Perenco’s long-term commitment to sustainable development and capacity building in Cameroon and Gabon. Designed as a mini-factory, the UCAC-ICAM laboratory enables students to engage with real-world industrial tools and processes. This hands-on approach will support the development of engineers and technicians capable of contributing to key projects, including operations in the Rio del Rey Basin and infrastructure developments such as the Cap Lopez LNG terminal in Gabon.

 

Students across multiple disciplines will benefit from hands-on exposure to the lab’s advanced technologies. General Engineering students will train using robotic systems and virtual reality simulations, while Computer Science Engineering students will focus on industrial IoT and smart technologies. Process Engineering students will gain experience in automated production systems, and Petroleum program students will develop expertise in energy systems and instrumentation control. Graduates from UCAC-ICAM are being actively recruited by leading companies operating in Douala, reflecting growing demand for locally trained, industry-ready talent.

“Developing local skills is fundamental to building a competitive and sustainable energy sector in Africa,” says NJ Ayuk, Executive Chairman of the AEC. “This partnership demonstrates how industry and academia can work together to create a highly skilled workforce that will drive Africa’s industrialization and energy future. It is exactly the type of initiative needed to ensure Africans play a leading role in developing the continent’s resources.”

The UCAC-ICAM laboratory represents a strategic investment in Africa’s industrial and energy future. By strengthening local capacity, advancing technology adoption and supporting independent operators, the initiative aligns with the AEC’s broader vision of a self-sufficient and globally competitive African energy sector.

Distributed by APO Group on behalf of African Energy Chamber.

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