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MultiChoice Group’s focused interventions help to counter unprecedented headwinds

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1 year ago

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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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$2.1 Billion and Counting: African Real Estate Is Executing

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5 hours ago

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July 21, 2026

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Africa

Ahead of the 17th Africa Property Investment (API) Summit in Cape Town, investment pipelines are converting into a record number of transactions as the continent’s real estate and hospitality sectors move from potential into real momentum

CAPE TOWN, South Africa, July 21, 2026/APO Group/ –Verified data gathered from across Africa’s real estate investment landscape reveals that the continent’s leading property and hospitality roleplayers completed more than $2.1 billion worth of transactions over the past 18 months, representing one of the most concentrated periods of institutional real estate deal activity in the continent’s history.

 

Download Document: https://apo-opa.co/3TraTiH

The 28 transactions (across nine countries and eight asset classes) were closed by API Summit stakeholders from across the institutional property ecosystem – spanning listed capital markets, commercial, residential, hospitality, logistics and alternatives.

The full African Deals Index report – compiled in collaboration with Broll, the data and insights partner for API Summit 2026 – will be unveiled on the opening day of the event, taking place at the Cape Town International Convention Centre on 17 and 18 September.

Talk turning to investment action

The deal-making activity is a signal of the much-spoken-about potential for Africa converting into tangible action, driven by enhanced investor confidence.

“This isn’t a forecast – it’s a balance sheet. $2.1 billion in completed transactions tells you African real estate has moved past the conversation about potential and into the discipline of execution,” said Malcolm Horne, Group CEO of Broll Property Group.

Horne highlighted several key shifts reflected in the data.

“What’s notable is where the conviction is coming from: domestic pension capital acting as a structuring investor, not a passive landlord, and green-linked financing becoming a board-level decision, not a marketing line. At Broll, we see this in our own data every day – across the assets we manage, the cost of capital is increasingly tied to the quality of the asset, not just its location.

“That’s the market maturing in real time, and it’s exactly the momentum my team and I are looking forward to presenting and unpacking at API this year.”

The 17th Annual API Summit takes place under the theme Bold Capital. Real Momentum. and is expected to attract over 600 delegates from more than 30 countries.

Niyi Adeyele, Head of Real Estate Finance, Africa Regions at Standard Bank Group, commented on the evolution of real estate sector funding across Africa.

“It remains interesting to track the resilience and the evolution of activities in the sector, from growing capital market activities, to the rapidly increasing participation of domestic capital sources within the African continent from domestic focused institutional capital sources such as pension funds and family offices to pan-African investor platforms that tend to operate across multiple countries.”

He said that accordingly, sectoral activity levels remain positive, with the “growing pace of green field projects in key markets” providing “early indications of a new growth cycle for the sector”.

Investors now have listed, liquid exposure to African real estate, and issuers have a repeatable route to permanent capital

Major moves from domestic capital and DFIs

Domestic pension capital has moved decisively beyond its traditional role as a passive landlord, emerging as an active, structuring investor in African real estate – a shift that will be central to discussions at the summit.

The charge was led by South Africa’s Government Employees Pension Fund (through the Public Investment Corporation and retail property powerhouse Pareto), which concluded commercial, residential and industrial transactions valued at over $343.5 million since the start of 2025.

“Through the Standard Bank Group’s franchise operations across multiple countries, there are observed increase deployment of institutional capital to across key markets driving increased primary and secondary market activities,” said Adeyele, pointing to examples such as Grene Capital’s raising of $100 million from Nigerian pension for property investments in Nigeria and beyond.

Sustainability-linked deal leads the way

Sustainability remains a critical factor in real estate financing considerations – evidenced by the largest transaction completed over the past 18 months.

Standard Bank and its African Regions brand Stanbic (along with Rand Merchant Bank) acted as co-lender on a $300 million green financing facility to facilitate Lango’s bid to become Africa’s first Green Pure Play real estate company, with 90% of its portfolio certified according to international standards.

Amongst several other milestones, the Africa Logistics Property (ALP) Industrial REIT listing on the Nairobi Stock Exchange in March 2026 was notable as East Africa’s first listing featuring entirely IFC EDGE-certified green buildings.

Listed capital makes major moves

REIT capital markets were the second largest asset class by value across the period, accounting for $568.5 million of activity, with the action extending well beyond South Africa’s established counters.

East Africa welcomed ALP’s Industrial REIT (marking the region’s first industrial and first USD-denominated security); Centum’s TRIFIC Dollar I-REIT (the first green, income-distributing USD-denominated) and Acorn Holdings’ build-to-rent D-REIT.

On Zimbabwe’s Victoria Falls Stock Exchange, the Pfuma Fund REIT and Eagle REIT both listed, deepening a hard-currency capital market that scarcely existed five years ago.

“Seeing multiple REITs listing on exchanges in one cycle tells you the asset class has crossed from novelty to norm. Investors now have listed, liquid exposure to African real estate, and issuers have a repeatable route to permanent capital,” said Raghav Gandhi, CEO of ALP.

API Summit 2026 – ushering in the next wave of deals

The unprecedented commitment of capital into Africa’s real estate sector takes centre stage when the 17th Annual API Summit convenes. Welcoming the investors, developers, financiers and policymakers behind the continent’s most prominent deals, this year’s event features a new Multifamily Forum alongside the popular Hospitality and Proptech Forums; an impactful main plenary, workshops, deals and meetings rooms and investment showcases, and the 10th edition of the prestigious API Awards.

For more information and to register, visit www.APISummit.co.za

Distributed by APO Group on behalf of API Events.

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ST Telemedia Global Data Centres Delivers on Responsible Scaling, Surpassing 2028 Carbon Intensity Target Three Years Early with Renewables at 83.2%

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10 hours ago

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July 21, 2026

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ST Telemedia

SINGAPORE – Media OutReach Newswire – 21 July 2026 – ST Telemedia Global Data Centres (STT GDC) today published its 2025 Environmental, Social and Governance (ESG) Report, setting out how the Singapore-headquartered global data centre provider is meeting accelerating demand, including from AI-driven workloads, through infrastructure that is more resilient, efficient and sustainable by design. The report highlights 83.2% renewable energy usage, a 70.5% reduction in carbon intensity from its 2021 baseline, 41.2% improvement in water usage effectiveness (WUE) from the 2020 baseline, and continued progress in embedding ESG considerations into how STT GDC designs, builds, finances and operates its data centres at scale.

The report positions responsible growth as a core business discipline for STT GDC, linking sustainability performance to long-term asset resilience, customer trust and operational excellence. Across its global platform, STT GDC is integrating ESG considerations into capital allocation, site selection, design, operations, risk management and workforce development to support reliable digital infrastructure at scale.

Bruno Lopez, President and Group Chief Executive Officer, ST Telemedia Global Data Centres, says, “The next phase of digital growth will be defined by how the industry resolves the tension between rising demand — particularly from AI — and the finite nature of energy, water and land. Responsible scaling is therefore not a sustainability commitment alone; it is a commercial and operational imperative that shapes where we build, how we design, and how we run our data centre platform. Our 2025 progress reflects disciplined execution of a strategy we have been advancing for years, delivering meaningful improvements in energy efficiency, emissions and resource management across our global platform. As we scale further, we will continue to advance with the same discipline — in the infrastructure we build, the governance that underpins it, and the positive impact we create for the communities and ecosystems we are part of.”

Scaling efficient, lower-carbon infrastructure

STT GDC continued to advance its decarbonisation strategy in 2025, delivering measurable reductions in emissions and improvements in resource efficiency while scaling its global data centre platform to meet rising digital demand. The Group’s approach focuses on embedding sustainability into the design and operation of its infrastructure, enabling long-term performance while managing growing energy and resource requirements. Key environmental achievements include:

Furthered renewable energy adoption, with 83.2% of electricity consumption sourced from renewables, supporting STT GDC’s transition towards carbon-neutral operations by 2030.
Reduced carbon intensity by 70.5% from the 2021 baseline, surpassing STT GDC’s 2028 target three years ahead of schedule, alongside a 15.2% year-on-year reduction in absolute Scope 1 and 2 emissions
Improved energy efficiency across operations, achieving an average Power Usage Effectiveness (PUE) of 1.44, a 13.0% improvement from the 2020 baseline, reflecting continued optimisation of data centre design and operations.
Enhanced water stewardship, with Water Usage Effectiveness (WUE) improving by 41.2% from the 2020 baseline, supported by a balanced approach to managing energy and water use in cooling systems.
Continued progress in sustainable infrastructure, with 48% of its data centres achieving green building certification, reflecting the integration of sustainability considerations across the lifecycle of its facilities.
Building a safe and future-ready workforce

As STT GDC continues to scale its global data centre platform, investing in people, safety and workforce capabilities remains central to delivering reliable and sustainable operations. In 2025, the Group maintained a strong focus on safeguarding its workforce, strengthening organisational capability and supporting the development of future-ready talent to meet the growing demands of the digital economy. Key social achievements include:

Maintained strong safety performance, with zero work-related fatalities and a Total Recordable Incident Rate (TRIR) of 0.1 across more than 41 million hours worked, reflecting robust health and safety management across construction and operations.
Strengthened workforce capability, with an average of 18 training hours per employee, supporting the development of technical, operational and leadership skills across the organisation.
Advanced diversity and inclusion, with 21.7% women representation across the Group, reinforcing ongoing efforts to build a more inclusive and balanced workforce.
Expanded talent development initiatives, including the DC Power Up programme and partnerships with 10 Institutes of Higher Learning across our markets, helping to build a pipeline of industry-ready talent for the growing digital infrastructure sector.
Deepened community and workforce engagement, through skills development programmes and industry-academic partnerships that support long-term talent development and contribute to local economic growth.
Strengthening Governance and Resilience at Scale

Strong governance, disciplined risk management and robust operational controls underpin STT GDC’s ability to scale responsibly in an increasingly complex digital environment. In 2025, the Group continued to strengthen its enterprise-wide approach to governance, embedding ESG considerations into decision-making, risk management and day-to-day operations to support long-term resilience and performance. Key achievements include:

Strengthened governance and ethical business practices, with 100% of employees completing anti-corruption training, reinforcing STT GDC’s commitment to integrity and accountability across its global operations.
Enhanced enterprise-wide risk management, incorporating climate, cybersecurity and operational risks into planning and decision-making, ensuring infrastructure resilience as the Group scales.
Advanced cybersecurity and operational resilience, including strengthened governance, technical controls and preparedness through initiatives such as executive-level cyber exercises and risk assessments across key facilities.
Improved supply chain governance, embedding ESG criteria into procurement processes and reinforcing responsible sourcing practices across its global vendor network.
Strengthened organisational alignment and execution, through the inaugural Group ESG Summit, supporting capability building and consistent application of ESG priorities across markets.
These efforts come as data centre operators face growing expectations to deliver capacity while managing energy, water, climate and cybersecurity risks with greater transparency and accountability.

STT GDC’s 2025 ESG Report reflects a continued evolution in how the Group approaches sustainable growth, with a stronger focus on disciplined execution, operational resilience and long-term performance as it scales its global platform. As digital infrastructure becomes increasingly critical to economies and societies, STT GDC will continue to embed sustainability, risk management and governance into how it designs, builds and operates its data centres.

By working closely with customers, partners and communities, the Group aims to deliver infrastructure that is not only efficient and resilient, but also capable of supporting the next phase of digital growth, including AI-driven workloads, in a responsible and sustainable way.

The full 2025 ESG Report is available at https://www.sttelemediagdc.com/about-us/our-esg-progress

About ST Telemedia Global Data Centres
ST Telemedia Global Data Centres (STT GDC) is one of the fastest-growing data centre providers with a global platform serving as a cornerstone of the digital ecosystem that helps the world to connect. Powering a sustainable digital future, STT GDC operates across Singapore, the UK, Germany, Italy, India, Thailand, South Korea, Indonesia, Japan, the Philippines, Malaysia and Vietnam, providing businesses an exceptional foundation that is built for their growth anywhere. For more information, visit https://www.sttelemediagdc.com/

 

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Energy

London Showcase to Bring Venezuela’s Energy Opportunities to Global Investors Ahead of 2026 Summit

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11 hours ago

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July 21, 2026

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A high-level London industry showcase on July 30 will bring together UK and European investors, financiers and energy leaders to explore emerging opportunities across Venezuela’s oil, gas and power sectors ahead of Venezuela Energy Week 2026

LONDON, United Kingdom, July 17, 2026/APO Group/ –As Venezuela accelerates efforts to revitalize its energy sector and attract international investment, Venezuela Energy Week 2026 will host an exclusive Industry Showcase in London on July 30, bringing together investors, financial institutions, international oil companies, commodity traders and energy executives for market intelligence, networking and partnership development ahead of the flagship conference taking place this October in Caracas.

 

Designed as a strategic preview of the main event, the London showcase will provide UK and European stakeholders with first-hand insight into Venezuela’s evolving investment landscape while creating opportunities for commercial dialogue with industry leaders, potential partners and key decision-makers.

Home to the world’s largest proven oil reserves and significant natural gas resources, Venezuela is entering a new phase of energy development focused on increasing production, expanding gas commercialization and modernizing critical infrastructure. Ongoing reforms and renewed international engagement are creating opportunities for companies able to provide capital, technology and technical expertise.

The timing is particularly significant as several UK and European energy companies continue to strengthen their presence in Venezuela. UK-based majors Shell and BP are advancing key natural gas developments, with Shell preparing for 2027 drilling at the Dragon offshore gas project and BP signing agreements in April to develop the Cocuina-Manakin offshore gas field, marking its return to the Venezuelan market. Spain’s Repsol recently announced plans to increase production from its Venezuelan assets, while Italy’s Eni is relaunching a heavy crude project in the Orinoco Belt. France’s Maurel & Prom, meanwhile, remains a key partner in strategic assets such as the Urdaneta Oeste field. On the trading and commercialization front, Geneva-headquartered energy trader Vitol has renewed its engagement with Venezuelan crude exports, reflecting broader international interest in reconnecting the country’s resources with global markets.

Against this backdrop, the London Industry Showcase will highlight Venezuela’s re-emerging investment potential while creating a platform for strategic networking and direct engagement with government leaders, national energy companies, regulators and private sector partners.

The event is expected to attract representatives from investment funds, export credit agencies, commercial banks, private equity firms, commodity traders, engineering companies, technology providers and UK-based independent energy companies exploring opportunities across Venezuela’s energy value chain.

The showcase will also provide an exclusive preview of Venezuela Energy Week 2026, including ministerial dialogues, executive forums, technical conferences and dedicated business-to-business networking sessions designed to connect international investors with the decision-makers shaping the country’s energy future.

Taking place on October 26–29, 2026 in Caracas, Venezuela Energy Week serves as the country’s premier platform for advancing investment across the oil, gas and power sectors. By bringing the conversation to London – one of the world’s leading financial and energy centers – the Industry Showcase builds momentum ahead of the flagship event while strengthening ties between international capital and one of the world’s most resource-rich energy markets.

To participate in the London Industry Showcase on July 30 or secure your place at Venezuela Energy Week 2026 in Caracas this October, contact info@venezuelaenergyweek.com to learn more about delegate, sponsorship and partnership opportunities.

Supporting Venezuela’s Earthquake Recovery

 

Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

 

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela (https://apo-opa.co/3RKKqfz).

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

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