Nine Entertainment Co. Holdings Limited · ASX:NEC
Nine Entertainment — Investor Day (November 2025)
47 slides from Nine Entertainment's investor day presentation, Nov 12, 2025
Slide 1: Investor Update
Investor Update 12 November 2025
Slide 2: Important Notice and Disclaimer
2 Important Notice and Disclaimer ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’ and Non-IFRS Financial Information This document is a presentation of general background information other similar expressions within the meaning of securities laws of The Company has set out in
Slide 3: Matt Stanton, Chief Executive Officer
Matt Stanton Chief Executive Officer
Slide 4: Pathways to Partnership - Artwork by Ginny Jones
Welcome to Country – add Ginny Jones artwork Pathways to Partnership - Artwork by Ginny Jones
Slide 5: Agenda
AGENDA 1 Introduction – Matt Stanton, Chief Executive Officer Streaming & Broadcast – Amanda Laing, Managing Director, Streaming & 2 Broadcast 3 Sales – Matt James, Chief Sales Officer 4 Publishing – Tory Maguire, Managing Director, Publishing 5 Data, AI, Product & Tech – Alex Parsons, Chief Digital
Slide 6: Using the power of the Nine Group, we will deepen our connection with consumers
Using the power of the Nine Group, we will deepen our connection with 6 consumers and advertisers by harnessing our unique data and premium content to drive growth At Nine, our strategy is to do three things at scale: Integrated Consumer Create value for our consumers and Content Platform Data adver
Slide 7: Changing profile of Group Revenues with growing importance of Digital and Subscription
7 Changing profile of Group Revenues with growing importance of Digital and Subscription revenues Total Nine Group Revenue1 growth of 2% pa (6 Year CAGR) Revenue, $m Revenue % of total 50% 2,500 45% % Digital 40% 2,000 35% Broadcast – TV and Radio 30% 1,500 -3% 6Y CAGR % Subscription 25% 20% 1,000 S
Slide 8: Strong market positions with Group-wide competitive advantage
8 Strong market positions with Group-wide competitive advantage Streaming & Broadcast Publishing Marketplaces Leading provider of content on Leading publisher of Metro and Exploring capital-light partnerships, connected TVs Business titles utilising Nine’s content, data and reach Significant opportu
Slide 9: Three key takeaways from today
9 Three key takeaways from today Bringing together Nine’s Streaming and Broadcast assets creates 1 a business operating within a $12b video market, with top-line growth and significant opportunities through co-operation to grow revenues and reduce costs 2 Nine’s Publishing assets have reached digita
Slide 10: Amanda Laing, Managing Director, Streaming & Broadcast
Amanda Laing Managing Director, Streaming & Broadcast
Slide 11: Nine's Streaming and Broadcast Division established in 2025 and already delivering
11 Nine’s Streaming and Broadcast Division was established in 2025 and is already delivering positive results Growing opportunities in the $12b video market Bringing S&B together is already delivering results • Audience-first thinking, cross-platform execution • Material growth across flagship prope
Slide 12: Significant growth opportunity across digital streaming assets
12 Significant growth opportunity across our digital streaming assets, offsetting the structural decline in Broadcast advertising Streaming & Broadcast Revenue +4% 6Y CAGR Stan +21% 6Y CAGR Digital 43% of total Digital 17% of total 9Now +24% 6Y CAGR Regional + Other Broadcast 0% 6Y CAGR Broadcast 83
Slide 13: Nine is the leading provider of all content consumed on the TV set
13 Nine is the leading provider of all content consumed on the TV set OzTAM’s Streamscape report – Q3 CY25 BVOD 13.9% 4% 46.1% Broadcast TV SVOD 25-54 – all TV sets 11% 15% 9% 39.9% 4% 3% 2% BVOD viewing for 25-54 is Broadcast TV holds 35% of Independent view of FTA makes up the majority higher than
Slide 14: Material YoY growth in our key 9/9Now properties
14 …with material YoY growth in our key 9/9Now properties Total TV average audience (ex Olympics) – 25-54 – 000s All programming Key properties 148 1,775 141 137 204 2,086 200 188 1,511 186 179 1,326 1,522 1,456 153 All Day 2Y CAGR +2% 2Y CAGR +7% 2Y CAGR +17% 2Y CAGR +16% 2Y CAGR +14% 1,229 726 364
Slide 15: Continued strength in engagement on Stan
15 …and continued strength in engagement on Stan, with a unique combination of premium global and local Entertainment and Sport Stan's unique content offering across licensed, local and sport... …creates a powerful ecosystem of highly engaged users • Continued strength of content pipeline, with Q1 l
Slide 16: Key strategic initiatives focus on engagement, product uplift, operational change
16 Key strategic initiatives focus on increasing engagement, delivering product uplift, operational change and fully realising the Power of the Nine Group Audience & Content Product & Tech Operations Nine Group Operational Content Optimisation Transform Digital Product Group Activation Transformatio
Slide 17: Content Optimisation – maximising the ROI on our programming
17 Content Optimisation – maximising the ROI on our programming across free and paid platforms, something only Nine can do Series ● Linear run and 9Now streaming of library series ● Extends series life and creates interest ahead of new series Leveraging pay content launch on free Leverage Strong IP
Slide 18: Group Activation – Premier League launch
18 Group Activation – Premier League launch highlights the Power of the Nine Group to drive engagement and subscriptions across all platforms Impact Nottingham Forest v Arsenal Most watched football broadcast in Stan Sport +9% on previous record Biggest live-viewing day ever on Stan Sport, surpassin
Slide 19: Future News – transformation project for 9News and current affairs
19 Future News – Pioneering transformation project for 9News and current affairs, creating the story-centric newsroom of the future Proven From To Benefits technology being adopted •120 systems •A modern newsroom with •High levels of automation globally consistent production and one •5 States, 4 pro
Slide 20: News that informs. Entertainment that captivates. Sport that unites.
20 News that informs. Entertainment that captivates. Sport that unites. There is significant opportunity The bringing together of Nine’s in growing a diversified, Structural changes to Streaming and Broadcast digital first video Streaming & Broadcast division assets creates a business with ecosystem
Slide 21: Matt James, Chief Sales Officer
Matt James Chief Sales Officer
Slide 22: Nine operates in a $12b video market with significant growth potential
22 Nine operates in a $12b video market with significant growth potential FY25 Total Total Broadcast Off-Platform Video Video BVOD SVOD SVOD (Metro + (Ad) (YouTube, Social, Advertising (Subscription) Market Regional) etc.) Market Market $2,681m $523m ~$350m ~$4.5b ~$8.0b ~$3.8b ~$11.8b (Gross Revenu
Slide 23: Of our $1.1b of Total TV revenue, Premium Content is most demanded
23 Of our $1.1b of Total TV revenue, Premium Content remains our most highly demanded inventory Total TV1 revenue breakdown – FY25 – $m -18% +2% vs FY24 vs FY24 -24% 237 +4% vs FY24 vs FY24 80 +17% vs FY24 129 1,082 636 Tier 1 - Premium Tier 2 - Premium Tier 3 - Placement Run of Network Total Broadc
Slide 24: Partnering with Retail Media using Nine's Premium Content Assets
24 Partnering with Retail Media using Nine’s Premium Content Assets Comments from Chemist Warehouse upfront1 PREMIUM CONTENT UNPRECEDENTED INTEGRATION “I assured you that Chemist Warehouse would dominate “Collective Experiences the moments that matter. will continue to be the I told you that our str
Slide 25: Premium and Integrated Content Strategy with long-term revenue growth initiatives
25 Along with our Premium and Integrated Content Strategy, we have clear initiatives focused on long-term revenue growth Our initiatives are focused on accountability and ease of doing business to attract new advertisers and more spend from existing clients Increased use of Data & Embracing the long
Slide 26: Tory Maguire, Managing Director, Publishing
Tory Maguire Managing Director, Publishing
Slide 27: ~85% of revenue in Publishing comes from the mastheads
27 ~85% of revenue in Publishing comes from the mastheads Publishing revenue breakdown
Slide 28: Nine Publishing has come a long way over the past 20 years
28 Nine Publishing has come a long way over the past 20 years $449m Revenue $147m EBITDA 33% EBITDA Margin 56% Digital 2024: University Campus 2020: 2023: subs launch. 2013: B2B Enterprise Subscriptions Premium Digital ads, Metros metered usage-based Subscription-only and paywall new puzzles and pay
Slide 29: From FY25, Digital growth more than offsetting Print declines
29 From FY25, Digital growth more than offsetting Print declines Masthead revenue1 - % change YOY 10% 5% 4% 1% 0% -1% -1% -5% -5% -10% Post-lockdown bounce back in Print Digital growth offset -11% drove revenue Print decline growth against long- term trend -15% FY20 FY21 FY22 FY23 FY24 FY25 Digital
Slide 30: Publishing is a strong margin business, particularly the AFR
30 Publishing is a strong margin business, particularly the AFR EBITDA margin1 % ~73% of revenue is digital1 ~41% of revenue is digital1 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1Excludes digital platforms
Slide 31: AFR average revenue growth of 6% pa
31 AFR average revenue growth of 6% pa1 – strong growth in Digital Subscription and Events AFR Revenues Other Events 6 yr CAGR = +40% Digital Advertising 6 yr CAGR = +7% Digital Subscription 6 yr CAGR = +16% Print 6 yr CAGR = -7% FY19 FY20 FY21 FY22 FY23 FY24 2 FY25 • AFR revenue growth of 6% CAGR p
Slide 32: The AFR is a leading global publisher by key metrics
32 The AFR is a leading global publisher by key metrics and integral part of Australian business infrastructure AFR Dow Jones New York Times – FY25 FY25 FY25 Q2 CY25 % of circulation/subscription 84% 74% 73% revenue that is digital % of total revenue 75% 82% 71% that is Digital % Non-advertising 74%
Slide 33: Next 3-5 years will be transformative in Publishing
33 Next 3-5 years will be transformative in Publishing, presenting significant opportunity Key strategic What is scarce in a world Where will our subscriber Who is going to engage with where everyone can afford revenue growth come from Publishing products into the questions 10,000 “writers”? outside
Slide 34: Alex Parsons, Chief Digital Officer
Alex Parsons Chief Digital Officer
Slide 35: Material opportunity with a single technology vision across the Nine Group
35 Material opportunity with a single technology vision across the Nine Group… We will evolve through three horizons over the next five years, moving from a fragmented approach to one of consolidated and optimised platforms aligned to Nine’s operating model Fragmented Converge Accelerate Optimise Pa
Slide 36: Already started to realise benefits across consumer, advertising, data and AI
36 …of which we have already started to realise the benefits across consumer, advertising, data and AI ~ 2 years ago Today ~ 2 years’ time STREAMING PUBLISHING STREAMING PUBLISHING STREAMING PUBLISHING Consumer Experiences Consumer Platform Key Focus Advertising Platform Launched Data Platform Align
Slide 37: Consumer streaming platform a key area of focus over next 18 months
37 …with our consumer streaming platform a key area of focus over the next 18 months Multiple brands with unique Common technology platform consumer experiences StreamCo Technology Platform Common Strengths Unique Strengths Unique Strengths Presentation Logic On Demand Stan 9Now Live streaming Video
Slide 38: AI delivery making strong progress with material future opportunity
38 Across all areas of our business AI delivery is making strong progress with material future opportunity Select Examples of key AI initiatives DEPLOY RESHAPE INVENT Completed FY26 focus FY27 and beyond AI Initiatives Delivered AI Initiatives in Development AI Initiatives Proposed Gemini Roll-Out C
Slide 39: Digitising Nine's Archive
39 And we are now embarking on an historic project for Australia – Digitising Nine’s Archive Background • Nine’s content archive is a unique asset that is difficult to replicate and holds significant cultural, social and financial value, opening up new and diversified revenue streams • Approval of a
Slide 40: Slide 40
Slide 41: Matt Stanton, Chief Executive Officer
Matt Stanton Chief Executive Officer
Slide 42: Nine has growth opportunities in the Digital Audio market
42 Nine has growth opportunities in the Digital Audio market Extension and Leveraging video enhancement of existing Podcasts, Vodcasts production & Streaming & Broadcast and text-to-audio distribution capabilities Publishing content strategy Distribution both on Utilisation of Nine’s (9Now, Stan, Me
Slide 43: Capex FY26 – accelerating Nine's investment in the core
43 Capex FY26 – accelerating Nine’s investment in the core Capex FY26 - $m 160 140 120 BAU breakdown 100 Other – incl 80 Property Digital Stan 60 Corporate Tech, Data, 40 TTV Product development 20 Mastheads 0
Slide 44: Capital allocation is focused around sustainable growth
44 Capital allocation is focused around sustainable growth Disciplined portfolio management Strategically aligned and value-accretive opportunities for acquisitions and divestments Strengthening the core Focussing on: • Scale Maximise the value of Nine’s content • Diversification and data through ac
Slide 45: Recap: Three key takeaways from today
45 Recap: Three key takeaways from today Bringing together Nine’s Streaming and Broadcast assets creates 1 a business operating within a $12b video market, with top-line growth and significant opportunities through co-operation to grow revenues and reduce costs 2 Nine’s Publishing assets have reache
Slide 46: Australia Belongs Here
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 47: Slide 47
Nine Entertainment Co. Holdings — Investor Day (November 2025) on 6ix