Nine Entertainment Co. (NEC) H1 2026 earnings summary

Executive summary

• Group EBITDA for H1 FY26 rose 6% year-over-year to AUD 201 million ($192.2 million), driven by digital, streaming, and subscription growth, despite a 4–5% revenue decline to AUD 1.1 billion ($1,060.0 million).

• Net profit after tax increased 30% to AUD 95 million ($95.2 million), with EPS up 30% to AUD 0.06 (6.0c) per share.

• Interim dividend declared at AUD 0.045 (4.5c) per share, with a fully franked special dividend of AUD 777 million (49cps) paid.

• Strategic transformation accelerated by QMS acquisition, sale of Nine Radio, and restructuring of NBN and Darwin.

• Digital and growth assets now contribute over 50% of revenue, with strong performance at Stan, 9Now, and digital publishing.

Financial highlights

• Group EBITDA margin increased by nearly two percentage points to 18.2%.

• Subscription revenues grew 13–14%, led by Stan and digital publishing.

• Cost savings of AUD 43 million achieved, with AUD 32 million ongoing.

• Net cash position of AUD 158 million at December 2025, aided by Domain sale proceeds.

• Specific items totaled a pre-tax cost of AUD 18 million, mainly restructuring and transaction costs.

Outlook and guidance

• Growth assets expected to contribute 60% of revenue and nearly 70% of EBITDA by FY27.

• Leverage projected to peak at 1.8x by June 2026, then fall to 1x–1.5x by end of FY27.

• Further AUD 70 million in cost reductions targeted through FY26 and FY27.

• CapEx guidance for FY26: AUD 75–80 million BAU, AUD 40–50 million investment capex, reduced by AUD 5 million.

• QMS Media acquisition and Nine Radio sale expected to complete in FY26.