MultiChoice reported a 9% y/y revenue decline to R50.8bn for the year ended 31 March 2025, though organic revenue grew 1% due to inflationary pricing. The actual trading profit fell -49% to R4bn surpassing the mid-point estimate of a 47.5% drop. The company lost 1.2m linear subscribers but saw a 44% y/y increase in Showmax subs, though Showmax’s peak investment year drove a R2.3bn trading loss increase. Adjusted core HEPS was a loss of 186 ZAR cents, slightly worse than the trading statement’s mid-point estimate of 184.5 cents.
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