Highlights

  • Nine Entertainment (ASX:NEC) closed at AUD 0.98 on 27 August 2026, down 6.70% or AUD 0.070.
  • Continuing operations Revenue increased 3% to approximately $2.2 billion, while EBITDA rose 17% to $379 million.
  • Stan revenue increased 16% to $569 million, with EBITDA growth of 34% to $81 million.
  • QMS delivered pro forma revenue growth of 15% and EBITDA growth of 18%.

Nine Entertainment (ASX:NEC) has reported its FY26 financial results, highlighting progress in reshaping its Business towards digital, streaming and outdoor Advertising operations.

The company delivered improved Earnings across continuing operations, supported by growth from Stan and QMS, while traditional television operations remained under pressure amid challenging advertising conditions.

Financial Performance

Nine’s continuing operations recorded revenue growth of 3% to approximately $2.2 billion in FY26.

EBITDA increased 17% to $379 million, with the EBITDA Margin improving to above 17%. Net profit after Amortisation increased 11% to $147 million.

On a pro forma basis, including a full-year contribution from QMS, group EBITDA reached $516 million, reflecting the increasing contribution from newer growth areas within the business.

Nine maintained its Dividend at 7.5 cents per share, including a final dividend of 3.0 cents per share.

Digital Growth

Streaming platform Stan remained a key growth contributor during FY26.

Stan revenue increased 16% to $569 million, while EBITDA increased 34% to $81 million. The platform ended the period with approximately 2.3 million subscribers, supported by continued Demand for digital entertainment services.

Nine’s publishing operations also showed progress in digital transition. Publishing revenue remained steady at $518 million, while digital subscription revenue increased 11% to $216 million as subscriber-based revenue continued to gain importance.

QMS Expansion

Outdoor advertising business QMS became a more significant contributor following its full-year consolidation.

QMS delivered pro forma revenue of $295 million, up 15%, while EBITDA increased 18%.

The business has strengthened Nine’s exposure to advertising markets beyond traditional television and represents an important part of the company’s broader portfolio strategy.

Television Pressure

Free-to-air television continued to face challenges during FY26.

Total television revenue declined 9% to approximately $1 billion, while EBITDA decreased 12% to $134 million.

The performance reflected weaker advertising conditions and the absence of the prior year’s Olympic-related benefits. Nine also recognised a non-cash Impairment against the television business, highlighting the structural challenges facing traditional broadcasting.

Despite these pressures, television remains a significant part of Nine’s operating platform and continues to contribute Cash Flow to the broader group.

Outlook

Nine is focused on further shifting its earnings mix towards digital publishing, streaming and outdoor advertising.

Management expects growth assets, including Stan, QMS and digital publishing, to represent a larger share of the company’s revenue and earnings profile.

The company expects continued growth from QMS and Stan, supported by expanded content offerings and new initiatives, including an advertising-supported streaming tier.

However, television remains a key Factor for the outlook, with ongoing pressure in traditional advertising markets creating challenges for the legacy business.

Key Risks

Nine’s future performance will depend on the pace of growth across streaming, digital subscriptions and outdoor advertising.

Key risks include continued weakness in television advertising, competitive pressures in streaming, changing consumer behaviour and the ability to successfully transition towards higher-growth business segments.

While the company’s portfolio transformation is progressing, investors will continue to assess whether newer growth businesses can offset structural declines in traditional broadcasting.