MultiChoice Group

Integrated Annual Report 2025
Home MultiChoice at a glance Creating value Sustaining value Performance Corporate governance Shareholder information

Value created by our group

ZAR40 208m

subscription revenue

+

ZAR10 552m

other revenue(1)

+

ZAR745m

interest income

=

ZAR51 505m

total value created

ZAR40 208m

subscription revenue

+ ZAR10 552m

other revenue(1)

+ ZAR745m

interest income

= ZAR51 505m

total value created

Value allocated to stakeholders

Cash flows FY25
ZAR'm
FY24
ZAR'm
Subscription revenue 40 208 45 238
Other revenue(1) 10 552 10 730
Interest income 745 640
Total value created 51 505 56 608
Employee costs 6 084 6 754
Value allocated to employees 6 084 6 754
Content investment 20 431 20 994
Set-top box purchases 3 916 4 205
Transponder costs 2 196 2 448
Other operating expenses 12 650 13 579
Value allocated to suppliers and partners 39 193 41 226
Tax expense(2) 3 450 3 442
Licence fees 192 227
Community social development spend(3) 251 301
Value allocated to governments and societies 3 893 3 971
Dividends paid to non-controlling shareholders 1 410 1 399
Non-controlling interests in net profit retained 586 (174)
Value allocated to minority partners 1 996 1 225
Dividends paid to group shareholders
Repurchase of treasury shares 482
Interest paid to debt providers 1 175 1 021
Value retained for equity holders (836) 1 929
Total value allocated and retained 51 505 56 608

(1) Other revenue includes Irdeto revenue, advertising revenue, decoder sales, installation fees, licensing and production revenue, DStv Insurance premiums and reconnection fees.

(2)Includes current and deferred tax charges. For details of corporate income taxes paid and collected during the year, refer to page 47 of the Integrated Annual report.

(3)Includes non-cash advertising contributions of ZAR101m in FY25 (FY24: ZAR61m).

In return, our customers received value through:

24/7/365 entertainment anytime and anywhere through linear packages and streaming services tailored to their needs and budgets
World-class sports viewing along with developing local and school sports talent, and sports federations through SuperSport
Unique local content that tells African stories and supports local creative talent development
Extensive international content access through licensing and distribution agreements
Dynamic media services to access and advertise to both broadcast and online audiences
A growing ecosystem offering entertainment and consumer products and services, such as gaming and fintech services
Leading digital and cybersecurity services for digital platform and application protection