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Television Broadcasts (511) investor relations material

Television Broadcasts H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary8 Sep, 2025

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.

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Frequently asked questions

Television Broadcasts Limited (TVB) is a Hong Kong-based media company primarily engaged in television broadcasting, content production, and media-related services. TVB operates several free-to-air television channels, offering a variety of programming, including news, drama, entertainment, and educational shows. In addition to its broadcasting services, TVB produces original content and distributes it across international markets, serving Chinese-speaking audiences globally. The company is headquartered in Hong Kong, China, and its shares are listed on the HKEX.

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