oOh!media (OML) H2 2025 earnings summary

Executive summary

• Achieved $691.4 million in revenue for CY 2025, up 9% year-over-year, with strong billboards, street & rail, and airport segments, offset by retail and New Zealand headwinds, and a record first half followed by a softer second half due to market pressures and the Auckland Transport contract loss.

• Adjusted underlying EBITDA rose 8% to $139.1 million, and adjusted underlying NPAT increased 7% to $63 million.

• Board declared a fully franked dividend of $0.04 per share, up 14% from the prior year, payable March 2026.

• Maintained cost discipline, with operating expenditure rising only 3%, in line with inflation, and operational discipline through cost base resets and refinancing at lower costs.

• Secured several major new contracts, adding $22 million in incremental revenue for CY 2025, with strategic partnerships driving a 15% increase in revenue from key clients.

Financial highlights

• Revenue: $691.4M (+9%); Gross margin: 43.2% (down 1.5pp); Adjusted underlying EBITDA: $139.1M (+8%); Adjusted underlying NPAT: $63M (+7%).

• Statutory NPAT: $16.9M (-54%) due to $30M NZ impairment; dividend: 4.0c fully franked per share.

• Operating cash flow improved to $81.7M, up $35M year-over-year, with conversion to adjusted EBITDA at 59%.

• Free cash flow increased to $28.1M, a $20M improvement from CY 2024; CapEx increased to $54.4M (+21%).

• $30M impairment charge related to the New Zealand business after Auckland Transport contract loss.

Outlook and guidance

• Q1 2026 Australian media revenue pacing at +7%, group at +2%, with NZ down 47% due to Auckland Transport loss.

• Full-year operating expenses expected to be broadly flat versus CY 2025.

• CapEx for CY 2026 guided at $55M–$65M, focused on new assets and digitization.

• Gearing expected to remain below 1x adjusted underlying EBITDA.