Southern Cross Media Group (SXL) H2 2025 earnings summary

Executive summary

• Achieved strong FY 2025 results with revenue, EBITDA, and net profit all up year-over-year, driven by digital transformation and operational efficiency.

• Completed transition to a digitally focused audio company, with LiSTNR now EBITDA cash flow positive and a key growth engine.

• Exited regional Television, simplifying the business and enabling further cost reductions.

• Achieved sustainable cost reductions and capex discipline, supporting improved cashflows and reduced debt.

• Maintained dominance in the 25–54 Metro Radio demographic and expanded digital audience to 2.4 million users.

Financial highlights

• Revenue from continuing operations (audio) was $421.9 million, up 5% year-over-year.

• EBITDA rose 34% to $71.1 million, with margin improving to 16.9%.

• Net profit after tax increased to $15.1 million, up 239%.

• Digital Audio revenue grew 29% to $45.2 million, with Digital Audio EBITDA at $2 million.

• Free cash flow rose to $52.1 million, up $31.1 million.

Outlook and guidance

• FY 2026 revenue forecast between $435 million and $440 million; underlying EBITDA expected between $78 million and $83 million.

• Digital Audio revenue growth to continue at double-digit rates; CapEx to remain at or below $10 million.

• Leverage ratio to remain below 1x; dividend payout targeted at 65%-85% of underlying net profit.