• World-class Olympic coverage driving audiences and profit across Nine's platforms
• Growth in streaming and broadcast audiences, with 8% increase in underlying subscription revenues
• 15% growth in Domain's EBITDA contribution, with strong performance in listings and depth revenue
• $35m of cost efficiencies delivered, with $50m target for FY25 expected to be exceeded

Nine Entertainment Co. (ASX: NEC) has released its results for the six months to 31 December 2024. The company reported revenue of $1.4b and a Net Profit After Tax of $96m, which included a post-tax Specific Item expense of $16m. Group EBITDA, before Specific items, was $268m, down 15% on H1 FY24, reflecting weaker economic and advertising market conditions, coupled with the impact of the loss of the Meta revenues. Key highlights include strong performance in streaming and broadcast audiences, with 8% growth in underlying subscription revenues; 15% growth in Domain's EBITDA contribution, driven by growth in listings and depth revenue; and $35m of cost efficiencies delivered, with the previously targeted $50m for FY25 expected to be exceeded. Nine's coverage of the Olympic and Paralympic Games during the half accounted for all of the reported cost increase, resulting in a lower-than-normal EBITDA margin. The company's Total Television, Stan, Publishing, Domain, and Total Audio segments all reported varying degrees of performance, with Stan and Domain delivering strong results. Nine's balance sheet remains in a solid position, with net debt of $481m on a wholly owned basis, equating to a net leverage ratio of 1.4x.

Nine expects its Total TV ad revenue in the March quarter to be up in the high-single digits (%), reflecting strong audience performance and the benefit of Easter timing. 9Now's advertising revenue growth in the current quarter is expected to be in the low-mid teens (%) on the prior corresponding period. Nine's Broadcast advertising revenue from both Metro and Regional FTA in the current quarter is expected to show mid - high single digit growth on Q3 FY24.

Calendar 2025 has started well for Nine, with audiences remaining strong into the new year, particularly driven by the Australian Open and Married at First Sight on Nine, and Stan's Summer Originals. The company remains focused on strengthening its strategic position and implementing its cultural reset, with the Board confident that the changes made will ensure Nine remains an integral player in the Australian media landscape.