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 first-half performance and a record share in Out-of-Home advertising, offset by a softer second half and the loss of the Auckland Transport contract.

• Maintained market leadership in Out-of-Home, capturing 16.4–16.5% of agency media spend and holding a 35% share in Australia and New Zealand.

• Strategic partnerships and new premium asset rollouts, including major contract wins in key cities and with Transurban, drove growth.

• CEO emphasized operational discipline, cost base resets, and leveraging network scale for efficiency and cost savings.

Financial highlights

• Revenue grew 9% year-over-year to $691.4 million; adjusted underlying EBITDA increased 8% to $139.1 million; adjusted underlying NPAT up 7% to $63 million.

• Gross margin declined by 1.5 percentage points to 43.2%, impacted by higher fixed rents and adverse channel mix.

• Operating cash flow improved to $81.7 million, up $35 million; free cash flow rose to $28.1 million.

• Fully franked dividend of $0.04 per share, up 14% year-over-year, with a payout ratio of 53%.

• Statutory NPAT was $16.9 million, down 54% due to a $30 million New Zealand impairment.

Outlook and guidance

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

• Full-year operating expenses expected to be broadly flat versus CY 2025; CapEx guidance of $55–$65 million.

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

• MOVE 2.0 audience measurement system launching in March, expected to enhance measurability and drive retail channel performance.