Nine Entertainment Co. reported a 17% rise in EBITDA from continuing operations to A$379 million for the fiscal year ended June 2026, as strategic divestments and the integration of QMS Media offset declines in traditional broadcasting and publishing.
The company’s pro forma group EBITDA reached A$516 million, up 6% year-over-year, when including a full year of QMS operations. EBITDA margins expanded by 1.0 percentage point to 21.4% on a pro forma basis and by 2.0 points to 17.3% for continuing operations. Revenue from continuing businesses rose 3% to A$2.2 billion, while net profit after tax and amortization increased 11% to A$147 million. Earnings per share climbed 11% to 9.3 cents, and the board maintained a full-year dividend of 7.5 cents per share, representing an 80% payout ratio.
The company’s share price jumped 9.49% to A$1.068 following the results, later trading near A$1.055, an 8.21% gain from the pre-announcement close of A$0.975. Nine’s net debt stood at A$658 million at year-end, with leverage rising to 1.7 times from 1.4 times in the prior year.
Outdoor advertising, led by the A$855 million acquisition of QMS Media completed in March 2026, delivered a 15% revenue increase to A$295 million and an 18% rise in EBITDA to A$88 million. Australian revenue grew 10%, while New Zealand revenue surged 48% in local currency. EBITDA margins remained stable at 29.8%, and capital expenditures totaled A$70 million, primarily for new site acquisitions. Leases in Australia and New Zealand extend beyond FY30 for 82% and 73% of sites, respectively.
Publishing revenue was essentially flat at A$518 million, with EBITDA down 3% to A$150 million. Digital subscription and licensing revenue grew 11% to A$216 million, driven by a 15% increase in digital subscription revenue alone. Digital now accounts for 64% of total publishing revenue, while Drive’s marketplace revenue surged 88%, contributing to a 27% overall divisional revenue increase despite flat costs.
Streaming and broadcast revenue fell 1% to A$1.6 billion, with EBITDA up 1% to A$214 million. Total TV revenue declined 9% to A$1.0 billion, while EBITDA dropped 12% to A$134 million, reflecting a 9.6% market decline. Cost reductions of 8.2% delivered A$55 million in underlying savings, including A$47 million in recurring savings. Audience metrics improved, with total TV market share reaching 42.8%, rising to 45.6% in the second half. Stan reported a record EBITDA, up 34% to A$81 million on 16% revenue growth to A$569 million, with 2.3 million paying subscribers and an 8% increase in average revenue per user.
Nine recorded a A$404 million after-tax impairment against its Total Television business, re-basing its carrying value to A$360 million. Additional provisions totaled A$23 million for legacy U.S. series content. Total specific items after tax amounted to A$481 million, with cash-specific items totaling A$47 million after tax. The impairment is expected to reduce future depreciation and amortization by A$50 million in FY27, A$38 million in FY28, and A$25 million in FY29.
The company delivered A$105 million in cost savings in FY26, including A$70 million in recurring structural efficiencies, bringing two-year recurring savings to A$130 million. It remains on track to exceed its A$160 million annualized target over the three years ending FY27. Debt hedging coverage increased to 100% on a one-year basis, and the weighted average debt maturity shortened to 2.1 years from 3.0 years.
For FY27, Nine expects growth assets—digital publishing, QMS, and Stan—to account for more than 60% of revenue and approximately 70% of EBITDA. QMS is projected to deliver double-digit pro forma EBITDA growth, with around A$9 million in expected cost synergies, half of the initial three-year A$20 million target. Early trading guidance for Q1 FY27 indicates mid-single-digit growth in digital publishing subscription revenue, a 7-8% year-over-year decline in total TV revenue, and mid-teens percentage growth in QMS revenue.
