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 TV ad market, Olympic headwinds, and major one-off sporting events.

• Net profit after tax excluding significant items was $37 million, down 41% year-over-year; statutory profit after tax was $18 million, down 67%.

• EBITDA before significant items fell 26% to $92 million; EBIT before significant items declined 33% to $71 million.

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

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

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 a $3 million decline in The West.

• EBITDA margin declined to 12.7% from 16.0% in H1FY24.

• Basic EPS was 1.1 cents statutory and 2.4 cents underlying, both down year-over-year.

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

• Operating expenses before depreciation and advertising were $635 million, down 2% year-over-year.

Outlook and guidance

• Q3 bookings tracking up in low single digits; H2 earnings expected to modestly exceed last year, supported by AFL growth and the Federal Election.

• FY2025 cost guidance maintained at $1.2–$1.21 billion, a net decrease of $20–$30 million year-over-year.

• Modest earnings growth projected for H2 FY2025, even after accounting for the end of the Meta deal.

• Aspiration for flat costs into FY2026, despite inflation and new AFL contract uplift.

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