Key Highlights
- On a continuing Business basis, Nine reported Revenue of $2.2 billion, up 3%, and EBITDA before Specific Items of $379 million, up 17% on FY25.
- The company completed the Acquisition of QMS and divested Nine Radio, NBN and Nine Darwin, Pedestrian, and its stake in Future Women, Rebalancing the portfolio toward growth and digital assets.
- Statutory Net Profit was $511 million, including a discontinued business result of $849 million predominantly relating to the sale of Nine’s stake in Domain, offset by a Specific Item loss of $481 million relating to the non-cash Impairment of Total TV.
- Subscription revenues grew 12%, with growth at both Mastheads and Stan, while a final Dividend of 3.0 cents per share was declared, unfranked.
Nine Entertainment Co. (ASX:NEC) has released its results for the 12 months to 30 June 2026. Given the substantial number of acquisitions and divestments during the year, the company disclosed three bases of presentation, with the continuing business basis serving as the main focus of commentary.
On a continuing business basis, excluding Nine Radio and Pedestrian, including NBN and Darwin as affiliates and three months of QMS, Nine reported Revenue of $2.2 billion, up 3%, and EBITDA before Specific Items of $379 million, up 17% on FY25. EBITA, defined as EBIT excluding the Amortisation of acquisition-related intangibles, was $235 million, up 6% on FY25. NPATA before Specific Items was $147 million, up 11% on the previous corresponding period.
On a pro forma basis, defined as continuing business but including a full year of QMS in both FY25 and FY26, reflective of the business structure going forward, Revenue was $2.4 billion, up 1%, with EBITDA of $516 million, up 6% on FY25.
Statutory Result
Nine’s Statutory Net Profit of $511 million includes a continuing business result, pre Specific Items, of $142 million and a discontinued business result of $849 million, predominantly relating to the sale of Nine’s stake in Domain, offset by a Specific Item loss of $481 million relating to the non-cash impairment of Total TV.
Portfolio Rebalancing
During the year, Nine completed the acquisition of QMS and the sales of Nine Radio, NBN and Nine Darwin, Pedestrian and Nine’s stake in Future Women, rebalancing the portfolio toward growth and digital assets. The company reported EBITDA growth for the year at each of Outdoor, Mastheads and Streaming & Broadcast.
Following these transactions, Nine’s business is now more weighted toward growth assets, namely Streaming (Stan and 9Now), Outdoor and Digital Publishing, which are expected to contribute more than approximately 60% of Revenue and approximately 70% of EBITDA in FY27.
Segment and Operational Highlights
Subscription revenues grew 12% for the year, with growth at both Mastheads and Stan. The company reported growth in EBITDA from Streaming & Broadcast, underpinned by a record result at Stan, particularly in Sports, including Premier League and Olympics coverage. The company also reported strong cost performance from Total TV, which largely offset the impact of a soft Advertising market.
Nine Outdoor, comprising the QMS business, delivered an initial three-month EBITDA contribution of $55 million, reflecting pro forma FY26 EBITDA growth of 18%. The company noted early signs of growth opportunities relating to the Nine-Outdoor combination, including the Metcash retail media partnership.
The company also reported broadening arrangements to license its publishing content for AI use, including with Microsoft Co-Pilot and a number of local corporates, and said it is laying the foundations for a Future News initiative to roll out across FY27.
Cost Efficiencies and Balance Sheet
Nine delivered significant restructuring during the year, with around $70 million of long-term, maintainable cost efficiencies achieved across the Group. The company now expects to exceed its previous three-year target of $160 million by the end of FY27.
Year-end Leverage was 1.7x, slightly better than previous guidance. The Board declared a final dividend of 3.0 cents per share, unfranked, payable 22 October 2026.
Conclusion
Nine Entertainment’s FY26 result reflects a year of substantial portfolio change, with the completion of the QMS acquisition and the divestment of several smaller or structurally challenged Assets shifting the group’s revenue and Earnings mix further toward streaming, outdoor and digital publishing. On a continuing business basis, revenue and EBITDA before Specific Items both grew, while the statutory result was shaped by large one-off items including gains from the Domain stake sale and a non-cash impairment relating to Total TV.
