Television Broadcasts (511) H1 2025 earnings summary

Executive summary

• Group revenue for the six months ended 30 June 2025 was HK$1,498 million, down 1% year-over-year, with EBITDA improving 17% to HK$55 million and net loss narrowing by 24% to HK$108 million.

• Core TV-related revenue rose 1% year-over-year to HK$1,454 million, led by 4% growth in TV advertising and 9% in Digital Media revenue.

• No interim dividend was declared for the period.

• TV broadcasting maintained market leadership in Hong Kong, with a 78% audience share and 85% share of TV ad spending.

• Digital media saw robust growth, with myTV SUPER reaching 2 million monthly active users and digital ad revenue up 37% year-over-year.

Financial highlights

• Revenue: HK$1,498 million (down 1% year-over-year).

• EBITDA: HK$55 million (up 17% year-over-year).

• Net loss attributable to equity holders: HK$108 million (improved from HK$143 million loss in 2024).

• Loss per share: HK$0.23 (2024: HK$0.33).

• Total assets: HK$5,539 million; total equity: HK$2,083 million; gearing ratio: 70.4%.

Outlook and guidance

• Cautiously optimistic outlook for advertising revenue in both TV and digital segments for the remainder of 2025.

• Digital media expected to maintain growth momentum, with digital ad income as a key driver.

• Anticipates stronger revenue from Mainland China in H2 2025 as deferred projects are delivered.

• Management expects continued EBITDA growth and a return to net profit for the full year 2025.