Seven West Media (SWM) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a quorum, board members and auditors introduced, and agenda set for the session.

• Meeting commenced with a review of the agenda, focusing on financial performance, digital growth, and strategic initiatives.

Financial performance review

• EBITDA increased 6% in H2, with TV EBITDA up 4%; first half-year EBITDA growth since FY22.

• 7plus revenue grew 26% for the year (H2 +41%), with daily active users up 27% and streaming minutes up 41%.

• Group revenue declined 4% to $1,354m, EBITDA down 15% (AUD 28 million), and profit before tax fell 55%.

• Underlying net profit after tax (excluding significant items) fell 27% to $57m.

• Operating costs were AUD 1.2 billion, 2% lower than FY24, in line with guidance; operating expenses reduced 3% to $1,196m.

• The West digital platforms achieved 54.5 million monthly page views, up 4.5% year on year; The West segment saw revenue down 3%, circulation revenue up 4%, and costs down 3%.

• Total TV advertising revenue dropped 4%, but 7plus ad revenue increased 26%.

Board and executive committee updates

• Kerry Stokes to step down as Chairman in February, succeeded by Ryan Stokes; Michael Malone to retire.

• Teresa Dyson and Jeff Howard to join the merged company board; Michael Ziegelaar and Colette Garnsey retiring.

• Kerry Stokes to remain as special advisor; family retains significant shareholding.