Nine Entertainment Co. Holdings Limited · ASX:NEC
Nine Entertainment — FY2026 Earnings Presentation
35 slides from Nine Entertainment's earnings presentation, Aug 26, 2026
Slide 1: FY26 Final Results
FY26 Final Results 26 August 2026
Slide 2: Nine reports revenue, profit and margin growth in FY26
Nine reports revenue, profit and margin growth in FY261 2 Revenue1 EBITDA1 EBITDA Margin1 Continuing $2.2B $379M 17.3% Business3 +3% on pcp +17% +2.0 pts Pro forma $2.4B $516M 21.4% +1% on pcp +6% +1.0 pts NPATA1,2,3 EPSA1,2,3 DPS Net Debt $147M 7.5c (3.0c final) $658M 9.3 cps +11% +11% + 49c specia
Slide 3: FY26 EBITDA growth across Outdoor, Mastheads and Streaming & Broadcast
FY26 EBITDA1 growth across Outdoor, 3 Mastheads and Streaming & Broadcast Outdoor2 Mastheads3 Streaming & Broadcast • Revenue growth of 15%, with above • 15% growth in digital subscription • Alignment of content, marketing market performance in both revenue driven by ARPU growth and promo platforms
Slide 4: Step change in progress for Nine's strategic initiatives
Step change in progress for Nine’s strategic initiatives 4 Accelerating portfolio transformation Optimising operating performance Technology initiatives including AI & licensing • Focusing on scale and reach – increasing • $105m of cost out in FY26, of which ~$70m • Landmark AI agreement between Pub
Slide 5: Navigating Our FY26 Financial Results
Navigating Our FY26 Financial Results 5 Our significant portfolio transformation, including the acquisition of QMS and divestments, adds reporting complexity in FY26. We provide this overview to summarise how our results are presented to demonstrate the ongoing operational performance on a like-for-
Slide 6: Group Results – EBITDA growth of 17% including one quarter of QMS
Group Results – EBITDA growth of 17% 6 including one quarter of QMS A$M, CONTINUING BUSINESS BASIS 1 FY26 FY25 2 VARIANCE REVENUE 1,3 2,189.0 2,125.7 +3% EBITDA 1,3 378.8 324.4 +17% EBITA 1,3 235.3 222.0 +6% NPATA 1,3 147.2 132.9 +11% EPSA1,3 – CENTS 9.3 8.4 +11% DIVIDEND PER SHARE - CENTS 7.5 7.5 -
Slide 7: 6% EBITDA growth on a pro forma basis
6% EBITDA growth on a pro forma basis – reflects 7 the performance of the go-forward business A$M, PRO FORMA BASIS1 FY26 FY25 VARIANCE REVENUE 1,2 2,407.0 2,382.7 +1% COSTS (1,890.8) (1,896.3) - EBITDA 1,2 516.2 486.4 +6% EBITDA MARGIN 21.4% 20.4% +1.0 PTS 1. Excludes Domain, Radio and Pedestrian Gr
Slide 8: Specific items - after tax
Specific items - after tax 8 A$M, CONTINUING BUSINESS1 H1 FY26 H2 FY26 FY26 IMPAIRMENT OF TOTAL TELEVISION BUSINESS - (403.6) (403.6) CONTENT SPECIFIC PROVISIONS - (22.5) (22.5) ACQUISITION RELATED COSTS (3.1) (21.4) (24.5) RESTRUCTURING COSTS (6.8) (6.9) (13.7) TECHNOLOGY TRANSFORMATION PROJECTS (3
Slide 9: Accounting-led adjustment to Total TV carrying values
Accounting-led adjustment to Total TV carrying values 9 As part of the annual balance sheet review, Nine has re-based Non-cash balance sheet adjustment of $404m (post-tax) the carrying value of the Total TV segment to $360m to align with Intangibles (mainly free to air broadcast advertising Program
Slide 10: Nine continuing to focus on cost efficiencies
Nine continuing to focus on cost efficiencies, enabling 10 investment in growth and digital assets Savings Costs, pre Specific Items, A$M1 implemented across the 1950 year, of which ~$70m is recurring3 1900 91 1,897 1850 1,811 12 1800 11 1,793 30 (105) 9 1750 17 6 6 1,715 (97) 1700 On track to excee
Slide 11: Net leverage of 1.7x below earlier guidance
Net leverage of 1.7x below earlier guidance 11 Changes to cash/(debt), A$M 0 377.9 Acquisition and divestment activity -200 (62.9) (44.8) (105.3) -400 (122.0) (451.3) (57.1) -600 66.5 (134.8) 721.4 (657.9) -800 -1000 -1200 -1400 9.7 (855.2) -1600 AS AT, A$M 30 JUN 2025 31 DEC 2025 30 JUN 2026 INTERE
Slide 12: Gearing and funding update
Gearing and funding update 12 $m 350.0 300.0 GROUP DEBT METRICS FY26 FY25 250.0 200.0 150.0 300.0 300.0 150.0 Weighted average maturity 2.1 years 3.0 years 100.0 50.0 80.0 50.0 0.0 FY27 FY28 FY29 FY30 Interest cost on drawn debt 6.0% 6.1% Debt Drawn Undrawn Debt $m Net Debt ($658.1m) ($450.3m) 700.0
Slide 13: FY26 Final Results
FY26 Final Results
Slide 14: Mastheads – Profitable growth underpinned by digital subscription & licensing
Mastheads1 – Profitable growth underpinned 14 by digital subscription & licensing A$M FY26 FY25 VARIANCE Reader revenue (subscriptions, licensing and SUBSCRIPTION & DIGITAL REVENUE LICENSING 215.6 193.6 +11% retail) now accounting for almost 70% of total revenue ADVERTISING & 60.5 59.7 +1% OTHER Dig
Slide 15: Publishing – Strong growth in digital subscription and licensing revenue
Publishing – Strong growth in digital subscription and 15 licensing revenue to more than 40% of total revenue A$M, CONTINUING BUSINESS 1 FY26 FY25 VARIANCE 64% of Publishing DIGITAL revenue is digital MASTHEADS 276.1 253.3 +9% REVENUE OTHER2 57.2 69.4 (18%) Flat overall costs notwithstanding Drive P
Slide 16: Streaming & Broadcast – Streaming growth offsetting soft broadcast advertising market
Streaming & Broadcast– Streaming growth 16 offsetting soft broadcast advertising market Nine’s total streaming advertising revenue sold in the A$M, CONTINUING BUSINESS 1 FY26 FY25 VARIANCE second half grew by ~20% - from 9Now, Stan Sport and HBO Max (sales agent) with REVENUE 1,595.8 1,617.0 (1%) St
Slide 17: Total TV – strong cost performance in challenging advertising market
Total TV – strong cost performance in 17 challenging advertising market Growth in Total TV A$M, CONTINUING BUSINESS 1 FY26 FY25 VARIANCE audiences of 3% in 25-54s and 3% in Total People 2 REVENUE BROADCAST TV 817.1 900.7 (9%) 9NOW 209.7 224.5 (7%) Total TV ad market declined by 9.6%; TOTAL REVENUE 1
Slide 18: Stan – Another record result driven primarily by Sport
Stan – Another record result driven primarily by Sport 18 A$M FY26 FY25 VARIANCE Paying subscribers of c2.3m1 REVENUE 569.0 491.8 +16% Growth in average Stan subscribers across the year COSTS (488.4) (431.5) (13%) Almost 50% growth in EBITDA 80.6 60.3 +34% average Stan Sport subscribers across the y
Slide 19: Outdoor - QMS continues to grow ahead of market
Outdoor - QMS continues to grow ahead of market 19 A$M, PRO FORMA 1 FY26 FY25 VARIANCE LARGE Australia – Market growth of MEDIA REVENUE FORMAT 184.0 169.5 +9% 6%3, QMS revenue growth BILLBOARDS of 10% STREET 101.0 75.5 +34% Growth underpinned by FURNITURE incremental large format OTHER 2 24.3 23.9 +
Slide 20: Outdoor – QMS profit up 15% for FY26
Outdoor – QMS profit up 15%1 for FY26 20 A$M, PRO FORMA 2 FY26 FY25 VARIANCE EBITDA Pre AASB 16 of TOTAL NET REVENUE 295.4 257.0 +15% $87.9m at high end of guidance range $86-88m from June Investor COST OF SALES (42.8) (36.2) (18%) presentation OPERATING COSTS (60.7) (58.8) (3%) Full year capex, pri
Slide 21: Matt Stanton
Matt Stanton
Slide 22: Outlook & Trading Update
Outlook & Trading Update 22 Publishing Streaming & Broadcast Outdoor Outlook - Nine expects to report another year of pro forma revenue and EBITDA growth in FY27 Nine expects growth in digital The advertising market for At Stan, EBITDA growth is Nine is expecting double-digit (%) subscription revenu
Slide 23: FY26 has laid the foundations for further growth in profitability and shareholder value
FY26 has laid the foundations for further growth in 23 profitability and shareholder value going forward In FY27, Nine will further leverage these foundations focusing on the significant opportunities provided by our content and platforms and the technologies that link them together In FY27, key gro
Slide 24: At Nine, we shape culture by sparking conversations
At Nine, we shape culture by sparking conversations, challenging perspectives, informing and entertaining our communities. We bring people together by celebrating the big occasions and connecting the everyday moments. Australia Belongs Here
Slide 25: FY26 Final Results
FY26 Final Results
Slide 26: Appendix 1: Reconciliation of Group result incl discontinued, to Statutory Result
Appendix 1: Reconciliation of Group result incl 26 discontinued, to Statutory Result LESS: CONTINUING CONTINUING CONTINUING YR TO JUNE 2026, A$M GROUP RESULT1 DISC UNDERLYING STATUTORY SPECIFIC ITEMS OPS RESULT RESULT Revenue 2,369.2 (180.2) 2,189.0 - 2,189.0 Expenses (1,995.1) 184.0 (1,811.1) (676.
Slide 27: Appendix 2: Impact of PPA on QMS Reported results
Appendix 2: Impact of PPA on QMS Reported 27 results (from 31 March 2026) Following completion of a provisional PPA exercise, the reported QMS results for the period from acquisition date (31 March 2026) incorporate the below adjustments. These changes have been adjusted in results from acquisition
Slide 28: Appendix 3: Reconciliation from FY25 reported to FY25 continuing operations result
Appendix 3: Reconciliation from FY25 reported 28 to FY25 continuing operations result LESS: CONTINUING CONTINUING CONTINUING YR TO JUNE 2025, A$M GROUP RESULT1 DISC UNDERLYING STATUTORY SPECIFIC ITEMS OPS RESULT RESULT Revenue 2,273.8 (598.1) 2,125.7 - 2,125.7 Expenses (2,278.9) 478.7 (1,800.4) (44.
Slide 29: Appendix 4: Reconciliation of cash flows
Appendix 4: Reconciliation of cash flows 29 A$M FY26 ADJUSTED FY25 ADJUSTED1 EBITDA – CONTINUING BASIS (BEFORE ASSOCIATES)1 377.9 325.3 EBITDA – DISCONTINUED OPERATIONS 9.7 15.7 WORKING CAPITAL (43.2) (32.8) PREMIER LEAGUE (19.8) 72.7 ASSOCIATES - 0.1 OPERATING CASH FLOW, PRE SPECIFIC ITEMS, TAX AND
Slide 30: Appendix 5: Group divisional results – FY26 – pro forma basis
Appendix 5: Group divisional results – 30 FY26 – pro forma basis FY26 STREAMING & PUBLISHING OUTDOOR CORPORATE ASSOCIATES INTERSEGMENT TOTAL A$M BROADCAST REVENUE 1,595.8 517.5 295.4 5.3 - (7.0) 2,407.0 PCP 1,617.0 518.5 257.0 0.9 - (10.7) 2,383.0 % CHG (1%) - +15% NM - (35%) +1% EBITDA 214.1 149.9
Slide 31: Appendix 6: Nine's Total Television audiences in growth, ex Olympics
Appendix 6: Nine’s Total Television audiences in growth, 31 ex Olympics TOTAL TELEVISION NINE AUDIENCE - % NINE AUDIENCE - % CHG CHG 6 MONTHS TO JUNE FY26 1 2026 2 Broadcast BVOD Total TV Broadcast BVOD Total TV NINE 25-54s -9.3% +18.0% -2.7% NINE 25-54s -7.1% +35.8% +3.4% 16-39s -11.3% +13.2% -3.0%
Slide 32: Appendix 7: Financial estimates
Appendix 7: Financial estimates 32 FY27 CORPORATE COSTS ~$45M TO $50M DEPRECIATION & AMORTISATION – P,P & E ~$90M TO $100M DEPRECIATION & AMORTISATION – AASB 16 2 ~$125M TO $135M AMORTISATION OF SITE LEASE INTANGIBLES 1 ~$25M TO 30M INTEREST EXPENSE (NET) – DEBT ~$45M TO $55M INTEREST EXPENSE – AASB
Slide 33: Appendix 8: Glossary
Appendix 8: Glossary 33 AASB 16 – accounting standard for Leases, effective 1 January 2019, interests, before Specific Items divided by the average number of Associates. Excludes cash relating to the Specific Items and which recognises lease expenses within depreciation shares on issue across the pe
Slide 34: Important Notice and Disclaimer
Important Notice and Disclaimer 34 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, (26 August 2026). The information contained in this pr
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Nine Entertainment Co. Holdings — FY2026 Earnings Presentation on 6ix