Nine Entertainment Co. Holdings Limited (ASX:NEC): FY26 Earnings and Portfolio Changes

Aditi Sarkar

21 October 2026 10:29 PM AEDT

Nine Entertainment Co. Holdings Limited (ASX:NEC): FY26 Earnings and Portfolio Changes

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Highlights

Nine Entertainment (ASX:NEC) reported FY26 continuing-business revenue of AUD 2.189 billion.
Continuing-business EBITDA before specific items increased 17% to AUD 378.8 million.
Stan revenue rose 16% to AUD 569.0 million, while Total Television revenue declined 9%.
Nine completed the QMS acquisition in March 2026 and reported statutory net profit of AUD 511 million.

Nine Entertainment Co. Holdings Limited (ASX:NEC) operates Australian television broadcasting, streaming, publishing and outdoor advertising businesses. Its FY26 results, released in August 2026, reported changes in continuing-business earnings alongside acquisitions and asset disposals. On 21 October 2026, Nine Entertainment (ASX:NEC) closed at AUD 0.67, up 1.52% for the day. Reported segment results showed different revenue and earnings trends across its media activities.

Company Business

Nine operates the Channel 9 television network and the 9Now streaming platform, together with the Stan subscription streaming service. Its publishing businesses include The Sydney Morning Herald, The Age and The Australian Financial Review. Advertising, subscriptions, content distribution and related services contribute to revenue across these operations.

Outdoor advertising became a separate reporting activity following the acquisition of QMS Media, completed on 31 March 2026. Nine Entertainment (ASX:NEC) reports Streaming and Broadcast, Publishing and Outdoor results, with group reporting also incorporating corporate costs and other adjustments. Segment figures reflect differing commercial models and accounting treatments, including leases in the Outdoor business.

Recent Development

During FY26, Nine completed its acquisition of QMS and disposals involving Nine Radio, NBN and Nine Darwin. These transactions changed the composition of continuing operations and the basis used for year-on-year comparisons. Nine also completed the sale of its interest in Domain during the reporting period. Its annual results distinguish continuing businesses, discontinued operations and specific items.

In July 2026, Nine announced an agreement for NRL and NRLW broadcast rights through 2034. In September 2026, it disclosed an extension of its Premier League rights agreement. Content rights remain a significant operating commitment across television and streaming. Nine Entertainment (ASX:NEC) has also described coordination between the broadcast and streaming divisions in programming, technology and promotional activities.

Nine’s August results included only three months of QMS ownership. The company also supplied pro forma FY26 figures incorporating a full year of QMS in both comparison periods. These measures should not be treated as interchangeable with statutory consolidated figures.

Financial Performance and Sector Context

For the 12 months ended 30 June 2026, continuing-business revenue was AUD 2.189 billion, compared with AUD 2.126 billion in the restated prior period, an increase of 3%. EBITDA before specific items reached AUD 378.8 million, compared with AUD 324.4 million in FY25. EBITA increased 6% to AUD 235.3 million, while net profit after tax before specific items was AUD 142.4 million, up 7%.

Statutory net profit was AUD 511 million. This measure included AUD 849 million from discontinued operations, largely associated with the Domain disposal, and a AUD 481 million specific-item loss relating to a non-cash impairment of Total Television. Nine Entertainment (ASX:NEC) separately reported NPATA before specific items of AUD 147.2 million, up 11%.

Within Streaming and Broadcast, revenue was AUD 1.596 billion, down 1%, and EBITDA was AUD 214.1 million, up 1%. Stan revenue increased 16% to AUD 569.0 million and EBITDA reached AUD 80.6 million, compared with AUD 60.3 million in FY25. Total Television revenue decreased 9% to AUD 1.027 billion and EBITDA declined 12% to AUD 133.5 million.

Publishing revenue was AUD 517.5 million, broadly unchanged, while EBITDA fell 3% to AUD 149.9 million. Digital subscription revenue at its mastheads rose 15%. QMS contributed AUD 77.4 million in revenue and AUD 54.5 million in EBITDA during Nine’s three months of ownership; these figures are reported before specific items. Advertising demand and subscription pricing remain relevant to the business’s reported segment outcomes.

Risks to Consider

The company faces variability in television and publishing advertising revenue, content and sports-rights costs, and changes in subscription demand. The FY26 Total Television impairment also illustrates the importance of assumptions used in asset valuations. Production spending, technology operations, cybersecurity and regulatory obligations may affect future costs.

Nine Entertainment (ASX:NEC) must also manage integration and reporting complexity following portfolio transactions. QMS lease commitments and the timing of advertising contracts affect comparison of outdoor earnings and cash generation. Reported statutory profit can differ materially from continuing-business earnings when disposal gains, impairments and other specific items arise.

What to Watch Next

Subsequent disclosures will clarify advertising and subscription revenue, Stan profitability, television costs and publishing performance. The company indicated in its FY26 release that a further trading update would accompany its annual general meeting. Upcoming reporting will also show a longer period of QMS ownership and changes in group financial measures.

Nine Entertainment (ASX:NEC) may provide updates on the implementation of its broadcasting rights agreements, integration costs and the operating performance of recently acquired assets. Published cash flow, debt and lease information will be necessary to assess the difference between reported EBITDA and financial resources after operating commitments.

Key Insights

Nine’s FY26 continuing-business EBITDA increased despite lower Total Television earnings, with contributions from Stan and the acquired Outdoor operations. Statutory profit reflected material discontinued-business and impairment items. For Nine Entertainment (ASX:NEC), subsequent results will provide information on advertising conditions, subscriptions, content spending and the effect of the revised business portfolio.

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