Nine Entertainment Co. Holdings Limited · ASX:NEC
Nine Entertainment — H1 FY26 Earnings Presentation
30 slides from Nine Entertainment's earnings presentation, Feb 24, 2026
Slide 1: February 2026
24 February 2026
Slide 2: Chief Executive Officer
Chief Executive Officer
Slide 3: H1 FY26 Group Financial performance
H1 FY26 Group Financial performance 3 Group Revenue2,3 Group EBITDA1,3 Group EBITDA2,3 Group EBITDA Margin2,3 $201M $192M $1.1B +6% Including Nine Radio, +6% 18.2% -5% on pcp Continuing business +2.0pts NBN and Darwin, basis excl Domain NPAT2,3 EPS2,3 DPS Net Cash $95.2M 6.0c 4.5c $157.8M +30% +30%
Slide 4: Nine reports second consecutive half of EBITDA growth
Nine reports second consecutive half of EBITDA1 growth 4 Growth in first half With growth at Stan and the mastheads, lower corporate costs and a steady EBITDA of 6%1 result from Total TV 13% growth in With double digital growth at both Stan and the digital mastheads. subscription Digital subscriptio
Slide 5: Step change in progress for Nine's strategic initiatives
Step change in progress for Nine’s strategic initiatives 5 Portfolio Accelerating strategic Improved operating Key progress in Optimisation transformation effectiveness AI initiatives Focusing on growth • Acquisition of growing • Restructuring ahead of Nine • Use of Ai focusing on 6 key • Streaming
Slide 6: Strategic transformation focusing on growth platforms
Strategic transformation focusing on growth platforms 6 Revenue (continuing business) – H1 FY26 Revenue (indicative) – FY27 40% 51% 49% 60% Growth Growth EBITDA (continuing business) – H1 FY26 EBITDA (indicative) – FY27 30% 49% 51% 70% Growth Growth Growth defined as Stan + 9Now+ Digital Publishing
Slide 7: Chief Financial Officer
Chief Financial Officer
Slide 8: Group Results – Strong growth in streaming, digital and subscription revenues
Group Results – Strong growth in streaming, digital and subscription revenues 8 Group EBITDA1,3 Group EBITDA2,3 Group EBITDA Margin2,3 Interim Dividend $201M $192M 18.2% 4.5 CPS +5% +6% +2.0pts Unfranked H1 FY25 A$M H1 FY26 VARIANCE RESTATED REVENUE 2,3 1,053.2 1,105.5 (5%) GROUP EBITDA 2,3 192.2 18
Slide 9: Specific items
Specific items 9 A$M H1 FY26 RESTRUCTURING COSTS (10.5) TECHNOLOGY TRANSFORMATION PROJECTS (4.5) ACQUISITION AND DIVESTMENT RELATED COSTS (3.1) TOTAL SPECIFIC ITEMS BEFORE TAX (18.1) TOTAL TAX RELATING TO SPECIFIC ITEMS 4.4 NET SPECIFIC ITEMS AFTER TAX (13.7) Refer to Glossary in Appendix 6 for defi
Slide 10: Nine continuing to focus on cost efficiencies, enabling investment in growth assets
Nine continuing to focus on cost efficiencies, enabling investment in growth 10 assets Costs, pre Specific Items, A$M1 950 930 923 910 56 907 890 870 864 5 (43) 850 12 7 830 827 (97) 810 Savings implemented 790 across the half, of which 770 $32m is recurring 750 1 Continuing business basis 2 In Augu
Slide 11: Net cash position of $158m following the sale of Domain
Net cash position of $158m following the sale of Domain 11 Changes to cash/(debt), A$M 600 500 721.0 400 (15.8) (88.2) (20.5) 300 (58.9) 200 (46.7) (19.9) 1.1 157.9 100 (63.4) 0 Includes payment of 49 cps -100 ($777m) to shareholders in September -200 8.8 191.7 -300 -400 -500 (451.3) AS AT, A$M 31 D
Slide 12: FY26 Interim Results
FY26 Interim Results
Slide 13: Streaming & Broadcast – Greater alignment across content and tech focused on long-term value creation
Streaming & Broadcast – Greater alignment across content and tech focused 13 on long-term value creation Subscription Advertising (and Total Revenue1,3 Revenue Other) Revenue1,3 Broadcast 39% Revenue1 $791M $279M $512M contribution (-6%) (+14%) (-14%) – H1 FY26 Over the past six months, we have: Str
Slide 14: Total TV – Robust EBITDA performance notwithstanding soft advertising market
Total TV – Robust EBITDA performance notwithstanding 14 soft advertising market and challenging comps H1 FY25 49% CONTINUING BUSINESS BASIS, A$M H1 FY26 VARIANCE RESTATED Revenue REVENUE BROADCAST TV 407.5 473.8 (14%) contribution – H1 FY26 9NOW 100.7 120.2 (16%) TOTAL TV REVENUE 508.2 594.0 (14%) 4
Slide 15: Stan – Record result driven primarily by Sport
Stan – Record result driven primarily by Sport 15 Growth in Paying Subscribers2 Revenue Growth Overall ARPU Revenue ~2.4m +15% +6% contribution – H1 FY26 A$M H1 FY26 H1 FY25 VARIANCE 27% REVENUE 282.7 245.5 +15% COSTS – STAN 155.3 156.5 +1% ENTERTAINMENT COSTS – STAN SPORT 90.8 59.6 (52%) EBITDA1 co
Slide 16: Publishing - Digital revenue growth continues to outpace print declines
Publishing - Digital revenue growth continues to outpace print declines 16 25% Digital Revenues ~ 64% of total ~ 64% of totalPublishing revenue Publishing revenue Revenue contribution – H1 FY26 Mastheads Subscription revenue ~ Subscriber ARPU 2 Digital + print subscription revenue 79% digital +14% =
Slide 17: Publishing – Digital subscription revenue growth and cost efficiencies offset declines in advertising
Publishing – Digital subscription revenue growth and 17 cost efficiencies offset declines in advertising A$M H1 FY26 H1 FY25 VARIANCE DIGITAL REVENUE MASTHEADS 136.9 125.7 +9% DRIVE 14.3 10.8 +32% OTHER 16.9 29.9 (44%) PRINT REVENUE MASTHEADS 94.1 101.8 (7%) TOTAL REVENUE 262.2 268.2 (2%) COSTS 188.
Slide 18: Mastheads – Profitable growth underpinned by subscription
Mastheads – Profitable growth underpinned by subscription 18 Digital Subscription Active Subscriptions Subscriber ARPU4 22% Revenues2 Revenue +17% ~516k3 +14% contribution (+1% on PCP) on PCP – H1 FY26 A$M H1 FY26 H1 FY25 VARIANCE DIGITAL REVENUE SUBSCRIPTION & LICENSING 107.4 94.3 +14% ADVERTISING
Slide 19: Matt Stanton
Matt Stanton
Slide 20: Trading Update
Trading Update 20 Streaming & Broadcast Streaming & Broadcast (Video) Publishing Outdoor Strong audience performance continues through CY26 to date Ongoing strength in audiences of key metro QMS Media acquisition expected to be with growth in both streaming and broadcast mastheads with Q3 digital su
Slide 21: At Nine, we shape culture by sparking conversations
At Nine, we shape culture by sparking conversations, challenging perspectives, informing and entertaining our communities. We bring people together by celebrating the big occasions and connecting the everyday moments. Australia Belongs Here
Slide 22: FY26 Interim Results
FY26 Interim Results
Slide 23: Appendix 1: Reconciliation of Group result incl discontinued, to Statutory Result
Appendix 1: Reconciliation of Group result 23 incl discontinued, to Statutory Result LESS: NBN & STATUTORY A$M GROUP RESULT1 LESS: RADIO UNDERLYING SPECIFIC ITEMS DARWIN2 RESULT Revenue 1,134.9 (47.2) (34.5) 1,053.2 - 1,053.2 Expenses (934.3) 42.9 29.9 (861.5) (18.1) (879.7) Associates 0.5 - - 0.5 -
Slide 24: Appendix 2: Group divisional results – H1 FY26 – continuing business basis
Appendix 2: Group divisional results – H1 FY26 – continuing business basis 24 STREAMING & BROADCAST H1 FY26 TOTAL STAN PUBLISHING CORPORATE ASSOCIATES INTERSEGMENT TOTAL 26% A$M TELEVISION Revenue1 49% contribution REVENUE 508.2 282.7 262.2 4.0 - (3.9) 1,053.2 – H1 FY26 PCP 25% 594.0 245.5 268.2 0.9
Slide 25: Appendix 3: Reconciliation of cash flows
Appendix 3: Reconciliation of cash flows 25 Adjusted Cash Conversion1,2 Reported Cash Conversion1 H1 FY26 CAPEX3 92% 48% $46.7M A$M H1 FY26 ADJUSTED1 H1 FY25 ADJUSTED1 EBITDA – CONTINUING BASIS (BEFORE ASSOCIATES) 191.7 182.3 EBITDA – DISCONTINUED OPERATIONS1 8.8 10.0 WORKING CAPITAL (15.8) 0.4 OLYM
Slide 26: Appendix 4: Total Television audiences in growth
Appendix 4: Total Television audiences in growth 26 AUDIENCES AUDIENCE - % CHG AUDIENCE - % CHG 6 MONTHS TO DEC CY25 2025 Broadcast BVOD Total TV Broadcast BVOD Total TV NINE 25-54s -4.2% +10.8% -0.8% NINE 25-54s -11.5% 21.4% 9.7% 16-39s -6.4% +10.6% -0.9% 16-39s -15.0% 0.0% -8.8% Total People -3.7%
Slide 27: Appendix 5: Forward estimates
Appendix 5: Forward estimates1 27 ITEM FY26 CORPORATE COSTS ~$40M TO $42M DEPRECIATION & AMORTISATION ~$120M TO $130M INTEREST EXPENSE (NET) ~$10M TO $15M TAX RATE ~30% CAPEX (BAU) ~$75-$80M INVESTMENT CAPEX (INCREMENTAL)2 ~$40-$50M DIVIDEND 60-80% OF NET PROFIT AFTER TAX, BEFORE SPECIFIC ITEMS, UNF
Slide 28: Appendix 6: Glossary
Appendix 6: Glossary 28 ARPU – Average Revenue Per User Buyers with Children Statutory Accounts – audited or auditor reviewed, consolidated BAU – Business As Usual LLM – Large Language Model Group financial statements Broadcast TV - Analogue television delivered via an antenna Margin – EBITDA/Revenu
Slide 29: Important Notice and Disclaimer
Important Notice and Disclaimer 29 Important Notice and Disclaimer This document is a presentation of general background information about the activities of Nine Entertainment Co. Holdings Limited (“NEC”) current at the date of the presentation, (24 February 2026). The information contained in this
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