Versant Media Group (VSNT) investor relations material

Executive summary

• Q3 revenue was $1.594B, down 4.2% YoY; net income attributable to shareholders was $47M and Adjusted EBITDA was $353M.

• Platforms growth partly offset declines in linear distribution and advertising; aggregate audience growth was double digit.

• FY 2026 revenue and Adjusted EBITDA guidance was reaffirmed; free cash flow is expected to exceed the prior $1.0B–$1.2B outlook.

Financial highlights

• Q3 revenue was $1.594B, down 4.2% YoY; excluding SportsEngine and Full Swing, revenue was $1.569B, down 3.5%.

• Reported Q3 Adjusted EBITDA was $353M, down 20.9% YoY; versus prior-year Standalone Adjusted EBITDA, it declined 7.4%.

• Net income attributable to shareholders was $47M, down 41.1%; operating income was $110M versus $164M, and diluted EPS was $0.34 versus $0.56.

• Q3 net cash from operating activities was $346M and free cash flow was $302M.

• Programming and production costs declined 1% to $736M; SG&A fell 12% to $362M.

Outlook and guidance

• FY 2026 revenue guidance was reaffirmed at $6.2B–$6.45B; Adjusted EBITDA guidance at $1.90B–$2.05B.

• FY 2026 free cash flow is expected to exceed the prior $1.0B–$1.2B forecast.

• Q4 Adjusted EBITDA is expected to face higher programming costs from four additional NASCAR races YoY; management characterized the impact as one-off.

• CNBC direct-to-consumer is planned for early 2027; AI and infrastructure initiatives are expected to drive efficiency from 2027 onward.