Nine Entertainment Co. (NEC) H2 2025 earnings summary

Executive summary

• Group revenue for FY25 was $2.7 billion, up 2% year-over-year, with group EBITDA at $486 million, down 6% on FY24; H2 EBITDA grew 8% year-over-year, driven by Total Television, Stan, and Publishing.

• Net profit after tax and minorities before specific items was $166 million, statutory net profit was $133 million after $61 million in specific item costs; EPS was 10.5 cents, down 10%.

• Digital revenue grew 6% and subscription revenues rose 10%, now 32% of group revenue, driven by Stan and digital publishing.

• Sale of 60% stake in Domain at a 60% premium to VWAP, netting $1.4 billion in proceeds, enabled special fully franked dividend of 49 cents per share.

• Cost reduction program delivered $80 million in FY25, with $90 million more committed for annualized savings of $150 million by FY27.

Financial highlights

• Group revenue increased 2% year-over-year to $2.7 billion; group EBITDA reached $486 million.

• Net profit after tax and minorities before specific items: $166 million; statutory net profit: $133 million.

• Stan revenue up 10% to $492 million, EBITDA up 31% to $60 million, with ~2.5 million paying subscribers.

• Publishing revenue was $526 million, EBITDA $153 million, with digital subscription growth offsetting print decline.

• Domain revenue increased 6% to $413 million, EBITDA up 7% to $146 million.

Outlook and guidance

• Continued EBITDA growth expected in H1 FY26, but limited visibility for H2 due to uncertain ad markets.

• Total TV costs in FY26 expected to decline low to mid single-digit percentage; excluding major events, costs expected to be broadly flat.

• Stan revenue growth in FY26 expected to more than offset higher costs, supported by Premier League deal.

• Publishing digital subscription revenue growth in low-mid teens expected in Q1 FY26.

• Audio advertising revenue expected to decline in Q1 FY26, but new commercial structure in place.