• Broadcast audience share maintained, LiSTNR audiences up 14%
• Metro radio revenue share up 2.3 points, digital EBITDA up
• Seven's TV audience grew 3.4%, 7plus daily active users up 26%

Southern Cross Media Group Limited (ASX: SXL) (SCA) released its results for the six months ended 31 December 2025 (H1 FY26), demonstrating continued delivery against its transformation strategy, with strong earnings growth and disciplined cost management in the audio business. SCA completed its merger with Seven West Media (SWM) on 7 January 2026. The audio business maintained its broadcast audience share, with LiSTNR audiences increasing 14% year-on-year to 2.5 million signed up users. Metro radio revenue share increased 2.3 points year-on-year to 29.8%, with revenue up 3.2% despite a 7% decline in the metro radio advertising market. Underlying expenses were down 1.2% and underlying EBITDA grew 28% to $40 million. In television and publishing, Seven's total TV audience grew 3.4% and 4.7% in the 25-54 demographic, driven by 55% year-on-year growth in 7plus. Daily active users on 7plus grew 26% to 551,000 and digital publishing audiences were up 27% year-on-year. The company reported pro forma group revenue of $1,008 million, down 1.5% on H1 FY25, and pro forma group EBITDA of $106.9 million, down 14.5% on H1 FY25.

Based on current market conditions, the company is targeting pro forma group revenue of $1.91 billion to $1.92 billion for FY26, with pro forma costs expected to be ~$1.70 billion. Audio EBITDA is expected to be in the range of $78-$83 million, and group pro forma EBITDA is expected to be in the range of $200-$220 million.

The company is focused on maximizing the benefits of the merger with Seven West Media, targeting cost synergies of at least $30 million to be delivered within FY27. Integration benefits are being secured, particularly through cross promotion, and the company expects meaningful audience and revenue synergies to build over time as the integration continues.