eMedia Holdings (EMH) H2 2025 earnings summary

Executive summary

• Revenue grew 3% year-over-year to R3.15 billion, driven by record TV advertising revenue despite a challenging macroeconomic environment and declining national TV ad spend.

• EBITDA was R553.9 million, down from R628.3 million the prior year, reflecting increased legal and cancellation costs.

• Net profit after tax was R307.5 million, compared to R353.2 million in the previous year.

• Final dividend declared at 15 cents per share, slightly lower than the prior year.

Financial highlights

• TV advertising revenue reached a historic high of R2.23 billion, up from R2.17 billion year-over-year.

• Openview advertising revenue rose to R704.4 million from R610.6 million, with 305,405 new set-top box activations, totaling over 3.6 million households.

• Headline earnings per share from continuing operations were 45.63 cents (2024: 50.68 cents).

• Net asset value per share increased to 661 cents (2024: 645 cents).

• Dividend yield remained strong at 11.3%.

Outlook and guidance

• Continued investment in digital transformation, local content, and technology to maintain market leadership.

• Strategic focus on expanding Openview and eVOD platforms, with new set-top box launches and enhanced digital offerings planned.

• Ongoing cost management and operational efficiency initiatives to mitigate macroeconomic pressures.