Key Highlights

• Nine Entertainment (ASX:NEC) reported full-year results for the year to 30 June 2026.

• Group Revenue rose 3 per cent to $2.189 billion, or 1 per cent on a pro forma basis.

• Group EBITDA rose 17 per cent to $378.8 million, or 6 per cent pro forma.

• Net profit after tax and Amortisation on a continuing basis was $147.2 million, up 11 per cent.

What does Nine Entertainment (ASX:NEC)'s move away from property listings and towards outdoor Advertising and streaming mean for its earnings? In short, the group that reported on 26 August 2026 is a leaner business: it has sold Domain, Radio and Pedestrian Group, bought the outdoor operator QMS, and now leans more heavily on Stan, publishing and a television arm that is facing a weak advertising market.

Nine Entertainment (ASX:NEC) reported full-year results for the year to 30 June 2026. The figures below are for continuing operations unless stated.

The central development: a reshaped portfolio

The headline numbers were steady rather than spectacular. Group revenue rose 3 per cent to $2.189 billion, or 1 per cent on a pro forma basis. Group EBITDA rose 17 per cent to $378.8 million, or 6 per cent pro forma. Pro forma figures adjust for acquisitions and disposals so that the comparison reflects like-for-like businesses, and they are the better guide to underlying momentum.

Net profit after tax and amortisation on a continuing basis was $147.2 million, up 11 per cent. The statutory result was weighed down by a non-cash $404 million adjustment to the carrying value of the Total TV business. That is an accounting charge rather than a cash outflow, but it signals that the Earnings outlook for broadcast television is weaker than previously assumed.

The disposals brought in cash. Domain was sold for net proceeds of $721.4 million, and Radio and Pedestrian Group were also divested. Nine acquired QMS for $855.2 million, with the deal completing on 31 March 2026. Net Debt at June 2026 was $657.9 million, equal to Leverage of 1.7 times earnings.

What the company does and where the revenue comes from

Nine now operates through several distinct businesses. Total TV combines free-to-air television and the 9Now streaming platform, and is funded mainly by advertising. Stan is a subscription video-on-demand service. QMS is an outdoor advertising operator in Australia and New Zealand. Nine Publishing owns mastheads including The the update, The Age and The the update.

Advertising remains the main revenue driver, and that exposure is why the television arm matters so much. The Total TV advertising market fell 9 per cent, and Nine's Total TV revenue, excluding the Olympics, fell around 2 per cent, which suggests it outperformed the market.

Stan: growth backed by sport

Stan was the standout. Revenue rose 16 per cent to $569 million, and EBITDA was $80.6 million. The company said growth was driven largely by Premier League rights, and it reported approximately 2.3 million paying subscribers as at August 2026.

Sport is a double-edged sword for streamers. It attracts subscribers and supports pricing, but rights costs are significant and renewal terms are outside the company's control. Nine has said it expects continued EBITDA growth from Stan in FY27, although that remains a forecast.

QMS and publishing

QMS is the newest piece. Pro forma outdoor revenue was $295.4 million, up 15 per cent, and pro forma EBITDA was $87.9 million, also up 15 per cent. In Australia, QMS revenue rose 10 per cent against market growth of 6 per cent, while New Zealand revenue rose 48 per cent against market growth of 11 per cent.

Publishing was flatter. Revenue was broadly unchanged and EBITDA fell $3.8 million to $149.9 million. Within that, masthead revenue rose 3 per cent to $460 million and masthead EBITDA rose 4 per cent to $153 million, with digital subscription revenue up 15 per cent. The the update was described as the star performer. A restructure removed 35 roles. Management has pointed to the News Bargaining Incentive and artificial intelligence licensing deals as a pipeline that could return publishing to growth, but no formal guidance was given and neither is guaranteed.

Dividends and Capital management

Nine declared a full-year Dividend of 7.5 cents per share, including a 3.0 cent final, representing an 80 per cent payout ratio. With the Domain proceeds in hand and leverage at 1.7 times, the Balance Sheet is in better shape than before the transactions, although integration of QMS will absorb management attention.

Sector conditions and competition

Free-to-air television is contending with a structural shift of viewing and advertising dollars to global streaming and social platforms, as well as cyclical weakness in the advertising market. Outdoor advertising has been a relative bright spot industry-wide because it is harder to avoid than other media, and digital screens allow more flexible selling. Competition in outdoor includes other large operators, so Market Share gains such as those reported by QMS are not guaranteed to persist.

In streaming, Stan competes with international services that have far larger content budgets. Its advantage is local content and sport, but both require continued investment.

Risks, uncertainties and what comes next

Management expects another year of pro forma revenue and EBITDA growth in FY27, with double-digit pro forma EBITDA growth for QMS and continued EBITDA growth for Stan. The near-term trading picture is more mixed: for the first quarter of FY27, Nine expects Total TV revenue to fall 7 to 8 per cent, while QMS revenue is expected to rise in the mid-teens.

Several uncertainties stand out. A prolonged advertising downturn would hit the largest revenue stream. Sports rights costs could squeeze Stan's margins. QMS integration may not deliver expected benefits. Further impairments are possible if the television outlook deteriorates. And changes in media regulation, including the News Bargaining Incentive, could affect publishing Economics either way.

Readers following the company may wish to watch trading updates at annual general meetings, subscriber disclosures for Stan, and any further portfolio changes.

A balanced view

Nine has traded a property portal for outdoor advertising and a larger relative exposure to Stan. That diversifies its income and strengthens the balance sheet, but the group still depends on a television advertising market that is shrinking. Whether the new mix produces durable growth will depend on execution and on conditions the company does not control.