Highlights

  • FY26 continuing-business Revenue was $2.189 billion, with Group EBITDA of $378.8 million.
  • Stan recorded $569 million of revenue and $80.6 million of EBITDA in FY26.
  • QMS joined the portfolio on 31 March 2026, adding outdoor Advertising assets.
  • Nine Publishing generated FY26 revenue of $517 million and EBITDA of $150 million.
  • Net Debt stood at $658 million at 30 June 2026, keeping balance-sheet management in focus.

Nine Entertainment Co. Holdings Limited (ASX:NEC) is an Australian media group spanning television, streaming, publishing and outdoor advertising. Its 2026 reporting reflects a Business increasingly organised around connected audiences, subscription platforms and multiple advertising formats. The FY26 result highlights how Stan, QMS and digital publishing are becoming more central to the group while television remains an important operating platform.

FY26 financial position

For the year ended 30 June 2026, Nine reported continuing-business revenue of $2.189 billion and Group EBITDA of $378.8 million. EBITA was $235.3 million and NPATA, before Amortisation of acquisition-related intangibles, was $147.2 million. Earnings Per Share on that basis were 9.3 cents, and the ordinary Dividend for FY26 was 7.5 cents per share. Operating Cash Flow was $162 million and free cash flow after capital expenditure, interest and tax was $40 million. Net debt was $658 million at year end, with reported net Leverage of 1.7 times.

Stan expands the streaming contribution

Stan generated FY26 revenue of $569 million and EBITDA of $80.6 million. Paying subscribers were approximately 2.3 million in August 2026. Nine’s strategy links Stan more closely with its wider audience ecosystem, particularly through sport and cross-platform content. In August 2026, the company also introduced an advertising-supported Stan offering, giving the service an additional commercial model beyond subscriptions.

QMS broadens Nine’s advertising reach

Nine completed the QMS Acquisition on 31 March 2026, adding a national portfolio of digital and static out-of-home advertising assets. From completion to 30 June 2026, QMS contributed $77.4 million of revenue and $17.2 million of EBIT. Nine reported that if QMS had been included from the start of the financial period, it would have generated $295.4 million of revenue and $191.9 million of EBITDA. The acquisition broadens Nine’s advertising reach across digital platforms and physical locations.

Publishing and television remain important

Nine Publishing recorded FY26 revenue of $517 million and EBITDA of $150 million. Its model combines digital subscriptions, licensing, advertising and print operations, with digital products playing an increasing role in recurring revenue. Television remains another major component of the group. Total Television delivered FY26 EBITDA of $134 million, while Nine continued to develop audience connections across broadcast and 9Now.

What the next phase involves

Nine enters FY27 with a more concentrated media portfolio and a larger contribution from streaming, outdoor and digital publishing. The company’s reporting points to continued attention on QMS integration, Stan’s content economics, digital subscription development and cost initiatives under the Nine2028 transformation program. Net debt also remains a practical consideration because future Investment must be balanced against cash generation. The emphasis therefore shifts from portfolio reshaping toward execution across the businesses retained within the group.

Key Insights

Nine’s FY26 result shows a media group moving toward a broader mix of subscription, digital and outdoor earnings while retaining television as a core platform. The revised portfolio creates more ways to reach audiences and advertisers, but it also increases the importance of integration, content discipline and balance-sheet management. Future reporting will show how effectively the group converts its expanded media footprint into sustainable operating cash flow.