Seven West Media (SWM) H1 2025 earnings summary

Executive summary

• Group revenue for H1 FY25 was $727 million, down 6% year-over-year, reflecting a challenging advertising market and the impact of major one-off sporting events.

• Total TV audiences increased 1.5% year-over-year, with 43% growth in BVOD offsetting a 1.8% decline in linear audiences.

• Digital sports rights and premium content, especially AFL and cricket, drove significant audience and revenue momentum on 7plus.

• Net profit attributable to members/statutory profit after tax was $18 million, down 67% year-over-year.

• The group maintained its position as the #1 network for national audience share in 2024.

Financial highlights

• Total group revenue and other income was $727 million, down 6% year-over-year, mainly due to a $45 million fall in TV revenue and $3 million decline in The West.

• EBITDA before significant items was $92 million, down 26% year-over-year; EBIT before significant items declined 33% to $71 million.

• Underlying net profit after tax (excluding significant items) was $37 million, down 41% year-over-year.

• Net debt reduced by $41 million to $260 million; leverage at 1.7x EBITDA.

• No interim dividend declared or paid for the period.

Outlook and guidance

• H2 earnings expected to show modest growth versus H2 FY2024, supported by AFL growth, the Federal Election, and continued digital momentum.

• Full-year cost guidance maintained at $1.2–$1.21 billion, with costs expected to be $20–$30 million lower year-over-year.

• Q3 bookings tracking up low single digits, indicating market improvement.

• Aspiration to keep costs flat into FY2026 despite inflation and new AFL contract uplift.

• No material subsequent events or changes in outlook were reported post-period end.