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 in billboards, street & rail, and airports, offset by retail and New Zealand headwinds, including the Auckland Transport contract loss.

• Out-of-Home advertising captured a record 16.5% share of agency media spend and held a 35% market share in Australia and New Zealand.

• Strategic partnerships and new premium asset rollouts drove a 15% increase in revenue from key clients, with major contract wins in major cities.

• CEO emphasized focus on accelerating delivery, leveraging network scale, and optimizing operations for efficiency and cost savings, including cost base resets and refinancing at lower costs.

Financial highlights

• Revenue grew 9% year-over-year to $691.4 million; first half up 17%, second half up 2%.

• 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, incentives, and adverse channel mix.

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

• Fully franked dividend of $0.04 per share, up 14% year-over-year.

Outlook and guidance

• Q1 2026 Australian media revenue pacing at +7%, group at +2% (NZ -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.