oOh!media (OML) H1 2026 earnings summary

Executive summary

• Entered into a binding Scheme Implementation Agreement with I Squared Capital at AUD 1.70 per share, a 100% premium to the undisturbed price, including a 2.00c fully franked interim dividend, subject to approvals.

• Out-of-home (OOH) sector grew 6.3% in H1, reaching a record 16.9% of agency media spend, outpacing other media sectors and supported by structural tailwinds.

• Group revenue rose 1.4% to AUD 340.9 million, with strong Australian growth offset by a sharp New Zealand decline after the Auckland Transport contract loss.

• Operational excellence initiatives and exit from reo business delivered over AUD 12 million in annualised savings.

• Momentum is accelerating in H2, with Q3 pacing at +14% in Australia and bookings ahead of prior years.

Financial highlights

• Group revenue increased 1.4% to AUD 340.9 million; Australian revenue up 6%, but group growth was limited by a 47% decline in New Zealand.

• Adjusted underlying EBITDA fell 23% to AUD 48.1 million; adjusted underlying NPAT dropped 42% to AUD 15.4 million.

• Adjusted gross margin declined by 4.3 percentage points to 37.5% due to adverse revenue mix and higher variable rents.

• Net loss after tax narrowed to AUD 1.2 million from AUD 11.3 million loss in 1H25.

• Fully franked interim dividend of 2.00 cents per share declared.

Outlook and guidance

• Q3 Australian media revenue pacing at +14%; group level at +9% due to Auckland Transport impact.

• Expectation for materially stronger H2, with improved gross profit and margin outlook, and normalization of fixed rent growth.

• CY 2026 CapEx expected between AUD 40 million and AUD 50 million, focused on new advertising assets.

• Gearing expected to remain at or below 1.0x adjusted underlying EBITDA.

• Scheme implementation targeted for Nov/Dec 2026, pending approvals.