Saudi Research and Media Group (SASE) Q4 2025 earnings summary

Executive summary

• Completed a five-year transformation, shifting from traditional publishing to a diversified, platform-led media group with a focus on digital, sports, and OTT content.

• Strategic investments in scalable platforms, notably exclusive Saudi Pro League (SPL) rights, underpin long-term growth and diversification.

• 2025 marked by disciplined capital allocation, operational optimization, and the launch of SRMG Media Solutions as a centralized commercial arm.

• Despite industry headwinds and revenue contraction, the group strengthened its digital ecosystem and audience engagement.

Financial highlights

• Revenue for 2025 was SAR 2,673 million, an 18% decline year-over-year, mainly due to pressures in the printing and packaging segment.

• Gross profit was SAR 276 million; net loss stood at SAR 366 million, impacted by SAR 267 million in losses, SAR 132 million in asset impairments and credit losses, and early-phase sports platform investments.

• Total asset base grew to SAR 7,243 million from SAR 5,489 million, reflecting recognition of long-term sports media rights.

• Ended the year with SAR 398 million in cash and SAR 1 billion in credit facilities.

Outlook and guidance

• Expectation of improved revenue contribution from sports media ecosystem as platforms mature and subscription/ad revenues grow.

• Focus on monetizing modernized media assets, disciplined execution, and converting 2025 investments into lasting value.

• No dividends to be distributed for 2025 to prioritize reinvestment and strategic growth.