Nine Entertainment Co. Holdings Ltd. reported a 17% rise in EBITDA to A$379 million for the year ended June 30, 2026, as strategic portfolio shifts and cost reductions offset declines in its broadcast and Total TV divisions.
Pro forma group EBITDA, including a full year of operations from the A$855 million acquisition of QMS Media, reached A$516 million, up 6% year-over-year. EBITDA margins expanded by 1.0 percentage point to 21.4%, while continuing business revenue rose 3% to A$2.2 billion. Net profit after tax and amortization increased 11% to A$147 million, with earnings per share at 9.3 cents. The board maintained the full-year dividend at 7.5 cents per share, with an 80% payout ratio.
The outdoor advertising segment, led by QMS Media, delivered pro forma revenue growth of 15% to A$295 million and EBITDA of A$88 million, up 18%. Regional performance showed Australian revenue up 10% and New Zealand revenue up 48% in local currency. EBITDA margins held steady at 29.8%, with capital expenditures of A$70 million.
Publishing revenue remained flat at A$518 million, though EBITDA fell 3% to A$150 million. Digital subscription and licensing revenue for mastheads rose 11% to A$216 million, with digital now accounting for 64% of divisional revenue. The Drive automotive marketplace grew 27%, driven by an 88% increase in marketplace revenue.
Streaming and broadcast revenue declined 1% to A$1.6 billion, with EBITDA up 1% to A$214 million. Total TV revenue fell 9% to A$1.0 billion, while EBITDA dropped 12% to A$134 million. Market share improved to 42.8%, rising to 45.6% in the second half. Stan reported a record result, with EBITDA surging 34% to A$81 million on 16% revenue growth to A$569 million. Paying subscribers reached approximately 2.3 million, with average Stan Sport subscribers up nearly 50%.
Net debt stood at A$658 million at year-end, with leverage at 1.7 times compared to 1.4 times in the prior year. The company delivered A$105 million in cost savings for FY26, including A$70 million in recurring structural efficiencies, bringing total recurring savings to A$130 million over two years.
Nine also recorded a non-cash impairment of A$404 million after tax related to Total Television, re-basing the carrying value to A$360 million. The impairment is expected to yield EBITA benefits of A$50 million in FY27, A$38 million in FY28, and A$25 million in FY29.
For FY27, growth assets—digital publishing, QMS, and Stan—are projected to contribute over 60% of revenue and about 70% of EBITDA. Total TV costs are expected to remain broadly flat, while Stan’s EBITDA growth is anticipated to continue through sports rights and the launch of an advertising tier. QMS is forecast to deliver double-digit pro forma EBITDA growth, supported by cost synergies of approximately A$9 million in FY27.
