Nine Entertainment AGM Trading Update: Annualised Savings Target Lifted to at Least $180m for FY27

Mukul

06 November 2026 11:23 AM AEDT

Nine Entertainment AGM Trading Update: Annualised Savings Target Lifted to at Least $180m for FY27

Image Source: Krish Capital Pty Ltd

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Nine Entertainment Co. Holdings Limited (ASX:NEC) has released its trading update, Chair's address, Managing Director's address and presentation for its 2026 Annual General Meeting held on 6 November 2026, disclosing an upgraded annualised savings target and divisional revenue guidance across its television, outdoor, publishing and streaming businesses.

Key Points

Nine now expects annualised cost savings of at least $180m to the end of FY27, up from its previous three-year estimate of $160m, an increase of around $20m.
Nine Publishing recorded digital subscription revenue growth of 7% in Q1 FY27 on Q1 FY26.
Outdoor media revenue growth is expected in the mid-teens (% basis) for H1 FY27 on H1 FY26 (pro forma), supported by new sites and contracts in Australia and New Zealand.
Total Television revenue for Q1 FY27 was down 6% on Q1 FY26 (pro forma), with Q2 currently expected to show a low single digit decline (%) on Q2 FY26 (pro forma).
First cash payments under the News Bargaining Incentive scheme will not be received until H1 FY28.

Upgraded Cost Savings Target and FY27 Revenue and EBITDA Outlook

Nine disclosed that, with further cost-out opportunities realised particularly across Streaming and Broadcast, it now expects to exceed its previous three-year annualised savings estimate of $160m to the end of FY27 by around $20m, bringing the revised target to at least $180m. Consistent with commentary at the August result, Nine continues to expect another year of revenue and EBITDA growth in FY27 on FY26 on a pro forma basis. EBITDA growth is expected to be weighted to the second half, with Nine noting its diversified portfolio as a factor in managing ongoing economic uncertainty. The FY27 outlook is premised on a comparable level of Publishing licensing revenue in FY27 as FY26.

Outdoor and Publishing Divisional Performance

Nine disclosed that positive momentum continues to build in its Outdoor revenue segment, with H1 FY27 Outdoor media revenue growth expected in the mid-teens (% basis) on H1 FY26 (pro forma). This growth is supported by new sites and contracts in both Australia and New Zealand. Nine continues to expect double-digit (%) EBITDA growth from Outdoor in FY27 over FY26 (pro forma), above approximately $9m of expected cost synergies from integration with Nine. Nine Publishing recorded digital subscription revenue growth of 7% for Q1 FY27 on Q1 FY26. The News Bargaining legislation has been passed and Nine intends to accrue an amount of the expected News Bargaining Incentive during FY27, subject to further clarity from the Government, with first cash payments not expected until H1 FY28.

Total Television and Stan Update

Nine's Total Television revenue for Q1 FY27 was down 6% on Q1 FY26 (pro forma), with the company citing a later start to The Block and the impacts of the FIFA World Cup and Commonwealth Games on other networks as contributing factors. Q2 has started on a more positive note, with Nine currently expecting a low single digit decline (%) in Q2 Total TV revenues on Q2 FY26 (pro forma). Nine now expects a low single digit (%) decline in Total Television costs for FY27, before the benefit of cost write-offs in the FY26 result. Nine continues to expect EBITDA growth at Stan in FY27, driven primarily by Stan Sport and the second season of Stan's Premier League rights.

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