Television Broadcasts (511) investor relations material

Executive summary

• Group revenue for the six months ended 30 June 2025 was HK$1,498 million, down 1% year-over-year, with EBITDA improving 17% to HK$55 million and net loss narrowing by 24% to HK$108 million.

• No interim dividend was declared for the period.

• TV broadcasting maintained a 78% audience share and 85% share of TV ad spending in Hong Kong, with TV-related revenue up 1% and TV advertising up 4%.

• Digital media saw robust growth, with myTV SUPER reaching 2 million monthly active users, digital ad revenue up 37%, and Digital Media revenue up 9%.

• Mainland China operations faced an 8% revenue decline due to deferred project deliveries, but EBITDA rose 36% on cost savings.

Financial highlights

• Revenue: HK$1,498 million (down 1% year-over-year); EBITDA: HK$55 million (up 17%); net loss: HK$108 million (improved from HK$143 million); loss per share: HK$0.23 (2024: HK$0.33).

• Total assets: HK$5,539 million; total equity: HK$2,083 million; gearing ratio: 70.4% (2024: 66.7%).

• Advertising revenue from terrestrial TV channels increased 4% year-over-year, with a market share of 85%.

• Digital Media advertising revenue surged 37% year-over-year, driven by new initiatives and the launch of a free ad-supported streaming tier.

• Cost of sales, selling, and administrative expenses all declined, resulting in a 3% reduction in total operating costs.

Outlook and guidance

• Cautiously optimistic outlook for advertising revenue in both TV and digital segments for the remainder of 2025.

• Digital media expected to maintain growth momentum, with digital ad income as a key driver.

• Anticipates stronger revenue from Mainland China in H2 2025 as deferred projects are delivered.

• EBITDA is projected to grow year-over-year, with a positive net profit anticipated for the full year 2025.

• Economic conditions in Hong Kong and mainland China remain challenging, with weak demand and high interest rates.