Nine Entertainment Co. Holdings Limited · ASX:NEC
Nine Entertainment — FY2025 Earnings Presentation
33 slides from Nine Entertainment's earnings presentation, Aug 27, 2025
Slide 1: FY25 Final Results
FY25 Final Results 27 August 2025
Slide 2: Matt Stanton, Chief Executive Officer
Matt Stanton Chief Executive Officer
Slide 3: Strong momentum across wholly-owned businesses
3 Strong momentum across wholly-owned businesses Growth in second half profit of 13%1 6%1 growth in digital revenues H2 EBITDA growth in Total Television, Stan and Strong growth in digital revenues in FY25 on Publishing, on H2 FY24 FY24, to 47% of total revenues, notwithstanding the absence of Meta
Slide 4: Material progress in Nine’s strategic initiatives
4 Material progress in Nine’s strategic initiatives Refined operations Improved operating Relaunched operating model, effectiveness with a focus on growth • Through Nine2028, focusing • Streaming & Broadcast; on both revenue and cost • Publishing; opportunities • Marketplaces Successful Olympics Key
Slide 5: Nine’s audience performance highlights depth of unrivalled cross platform scale
5 Nine’s audience performance highlights depth of unrivalled cross platform scale Paris Olympics +12% daily average Total TV (TTV) audiences – 25-54 national reach of 7.9M 5.2M 1.5M 1.8M Nine’s assets Readership >9M Readership Readership Readership +8% reached across print and digital across print a
Slide 6: Graeme Cassells, Acting Chief Financial Officer
Graeme Cassells Acting Chief Financial Officer
Slide 7: Group Results – Strong growth in streaming, digital and subscription revenues
7 Group Results – Strong growth in streaming, digital and subscription revenues Group Revenue Group EBITDA Group EBITDA Margin Dividend $2.7B $486M 18.2% 4.0 CPS 49.0 CPS +2% (-6%) (-1.6 pts) Final1 Special A$M FY25 FY24 VARIANCE REVENUE 2 2,676.5 2,619.4 +2% GROUP EBITDA 2 486.1 517.4 (6%) EBIT 2 3
Slide 8: Specific items
8 Specific items A$M H1 FY25 H2 FY25 FY25 DOMAIN 3.7 (3.5) 0.2 RESTRUCTURING COSTS (15.7) (9.5) (25.2) TECHNOLOGY TRANSFORMATION PROJECTS (2.7) (5.7) (8.4) LOSS ON MODIFICATION OF DEBT FACILITIES (5.7) - (5.7) IMPAIRMENT OF RADIO LICENCES, TANGIBLE AND OTHER INTANGIBLE ASSETS - (40.6) (40.6) IMPAIRM
Slide 9: Cost initiatives offset inflation and investment
9 Cost initiatives offset inflation and investment Costs, pre Specific Items, A$M1 Savings implemented across the year, of which 2000 $60m is recurring 1950 20 1,943 81 1,941 20 18 1900 8 18 1,859 1,860 1850 (83) 1800 1750 Flat 1700 1 Excludes Domain We are expecting to deliver the 3-year cost effic
Slide 10: Strong cash management leading to lower net debt
10 Strong cash management leading to lower net debt Wholly owned cash flow, A$M 600 500 489.2 104.1 3.0 451.3 400 41.4 91.8 300 65.4 200 37.3 (341.0) 32.8 100 (72.7) 0 AS AT 30TH JUNE 2025, A$M CONSOLIDATED GROUP DOMAIN WHOLLY OWNED GROUP INTEREST BEARING LOANS AND BORROWINGS 725.4 184.0 541.4 LESS:
Slide 11: New operating model focusing on strengthening the core
11 New operating model focusing on strengthening the core Focus of new operating model including increased utilisation of entertainment content, newsroom transformation, inventory optimisation, and alignment of product and tech investment Streaming & Broadcast Publishing Marketplaces Nine leads in T
Slide 12: Capital allocation is focused around sustainable growth
12 Capital allocation is focused around sustainable growth Disciplined portfolio management Strategically aligned, and value accretive opportunities for acquisitions and divestments Strengthening the core Focusing on: • Scale Maximise the value of Nine’s Content • Diversification and Data through ac
Slide 13: Divisionals
Divisionals FY25 Final Results
Slide 14: Streaming & Broadcast (Total TV + Stan) – Greater alignment across content and tech
14 Streaming & Broadcast (Total TV + Stan) – Greater alignment across content and tech focused on long-term value creation Total TV attracts 69% of Total People TV screen viewing and 59% of 25-54s Broadcast 37% Revenue1 Nine (9 + 9Now+ Stan) leads in Total Minutes consumed on TV contribution screens
Slide 15: Total TV – EBITDA growth of 16% in H2 on positive revenue growth
15 Total TV – EBITDA growth of 16% in H2 on positive revenue growth A$M FY25 FY24 VARIANCE REVENUE BROADCAST TV 937.9 941.3 (-) 46% Revenue1 9NOW 224.5 189.3 +19% contribution – FY25 TOTAL TV REVENUE 1,162.4 1,130.6 +3% TOTAL TV COSTS 1,002.7 922.3 (9%) TOTAL TV EBITDA 159.7 208.3 (23%) MARGIN 13.7%
Slide 16: Stan – Strong performance driven primarily by Sport
16 Stan – Strong performance driven primarily by Sport Growth in Paying Subscribers3 Revenue Growth Overall ARPU ~2.5m +10% +6% Revenue1 contribution – FY25 A$M FY25 FY24 VARIANCE REVENUE 491.8 447.7 +10% 19% COSTS – STAN 313.1 320.7 +2% ENTERTAINMENT COSTS – STAN SPORT 118.4 81.0 (46%) EBITDA1,2 co
Slide 17: High margin publisher with consistent subscription revenue growth
17 High margin publisher with consistent subscription revenue growth Digital Revenues ~ 63% of total Publishing revenue Revenue1 contribution – 21% Nine’s Metros – subscription revenue more than 75% digital FY25 with digital growth more than offsetting print decline Digital subscription FY25 operati
Slide 18: Nine Publishing – Digital subscription revenue growth and cost efficiencies offset declines
18 Nine Publishing – Digital subscription revenue growth and cost efficiencies offset declines in advertising and absence of Meta A$M FY25 FY24 VARIANCE DIGITAL REVENUE METRO MEDIA 253.1 258.9 (2%) DRIVE 24.2 21.0 +15% OTHER 52.7 69.1 (24%) PRINT REVENUE METRO MEDIA 195.8 209.7 (7%) TOTAL REVENUE 52
Slide 19: Metro Media – Digital revenue growth more than offsetting print revenue decline
19 Metro Media – Digital revenue growth3 more than offsetting print revenue decline Digital Subscription Active Subscriber Revenues3 Subscriptions ARPU5 +15% >510k4 +6% Revenue1 (+5% on PCP) on PCP 18% contribution – FY25 A$M FY25 FY24 VARIANCE DIGITAL REVENUE SUBSCRIPTION & LICENSING 193.6 197.3 (2
Slide 20: Total Audio – Solid performance driven by strong growth in streaming revenues
20 Total Audio – Solid performance driven by strong growth in streaming revenues, and cost discipline Nine Radio Agency Commercial streaming Radio Market1 Digital Revenue Revenue Share1 audience share2 ~ flat 15.7% Up 31% ~33% A$M FY25 FY24 VARIANCE REVENUE BROADCAST 94.4 98.1 (4%) DIGITAL incl. STR
Slide 21: Domain – Scheme with CoStar Implemented Today
21 Domain – Scheme with CoStar Implemented Today 10% • Sale of Nine’s 60% stake for $1.4b, net of tax • Special dividend of 49 cents per share, fully franked to Nine shareholders • Strong and flexible Nine balance sheet post-transaction Revenue1 • Exploring multiple opportunities to utilise Nine’s u
Slide 22: Trading update and outlook
Trading update and outlook Matt Stanton
Slide 23: Trading update
23 Trading update Streaming & Broadcast (Video) Publishing Audio Streaming & Broadcast (Video) Strong audience performance continues through CY26 to date Ongoing strength in audiences of key Nine’s Q1 advertising revenue with growth in both streaming and broadcast metro mastheads with Q1 digital exp
Slide 24: At Nine, we shape culture by sparking conversations
At Nine, we shape culture by sparking conversations, challenging perspectives, informing and entertaining our communities. We bring people together by celebrating the big occasions and connecting the everyday moments. Australia Belongs Here
Slide 25: Appendices
Appendices FY25 Final Results
Slide 26: Appendix 1: Group divisional results
26 Appendix 1: Group divisional results STREAMING & BROADCAST FY25 TOTAL PUBLISHING DOMAIN3 CORPORATE ASSOCIATES INTERSEGMENT TOTAL A$M AUDIO TOTAL STAN TELEVISION REVENUE 1,162.4 491.8 525.8 413.3 101.2 0.9 - (18.9) 2,676.5 Revenue1 contribution – FY25 PCP 1,130.6 447.7 558.6 395.7 103.3 1.2 - (17.
Slide 27: Appendix 2: Reconciliation of wholly-owned cash flows
27 Appendix 2: Reconciliation of wholly-owned cash flows Reported Cash Conversion1 Adjusted Cash Conversion1,2 FY25 CAPEX1 112% 90% $91.8M FY25 FY25 FY24 A$M DOMAIN REPORTED ADJUSTED1 ADJUSTED1 EBITDA (BEFORE ASSOCIATES) 487.0 146.0 341.0 382.9 WORKING CAPITAL (30.6) 2.2 (32.8) (25.3) OLYMPICS 72.7
Slide 28: Appendix 3: Total Television audiences in growth
28 Appendix 3: Total Television audiences in growth TOTAL TELEVISION NINE AUDIENCE - NINE AUDIENCE - % CHG % CHG 6 MONTHS TO FY25 JUNE 2025 Total Total Broadcast BVOD Broadcast BVOD TV TV NINE 25-54s 5.8% 33.1% 11.7% NINE 25-54s 6.2% 21.4% 9.7% 16-39s 0.8% 32.3% 10.0% 16-39s 1.8% 23.5% 8.6% Total Pe
Slide 29: Appendix 4: Pro forma excluding Domain
29 Appendix 4: Pro forma excluding Domain FY25 FY25 A$M DOMAIN FY24 ADJUSTED REPORTED ADJUSTED1 REVENUE 1 2,676.5 413.3 2,263.2 2,223.7 EBITDA (PRE ASSOCIATES) 1 487.0 146.0 341.0 382.9 ASSOCIATES (0.9) - (0.9) (1.7) GROUP EBITDA 1 486.1 146.0 340.1 381.2 DEPRECIATION & AMORTISATION (158.0) (46.9) (
Slide 30: Appendix 5: Forward estimates (excl. Domain)
30 Appendix 5: Forward estimates (excl. Domain) ITEM FY26 CORPORATE COSTS ~$40M TO 42M DEPRECIATION & AMORTISATION ~$125M TO 135M INTEREST EXPENSE ~$18M TO $23M TAX RATE ~30% CAPEX ~$85-90M INVESTMENT CAPEX (INCREMENTAL)1 ~$45-55M DIVIDEND 60-80% OF NET PROFIT AFTER TAX, BEFORE SPECIFIC ITEMS 1 inve
Slide 31: Appendix 6: Glossary
31 Appendix 6: Glossary ARPU – Average Revenue Per User Margin – EBITDA/Revenue income and Specific Items Broadcast TV - Analogue television delivered via an Metro – Sydney, Melbourne, Brisbane, Adelaide and Specific Items – amounts as set out in Note 2.4 of the antenna Perth 30 June 2025 Statutory
Slide 32: Important Notice and Disclaimer
32 Important Notice and Disclaimer 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, (27 August 2025). The information contained in this pr
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