• EBITDA growth of 6% on pcp, with strong performances from Stan and the mastheads
• Increase in Group EBITDA margin from 16.2% to 18.2%
• 13% growth in underlying subscription revenues
• Significant restructuring with around $43m of cost efficiencies delivered

Nine Entertainment Co. (ASX: NEC, Nine) has released its results for the six months to 31 December 2025. On an underlying basis, including continuing and discontinued operations, ex Domain, Nine reported Revenue of $1.14b and Group EBITDA before Specific Items of $201m, up 6% on H1 FY25. On a continuing business basis, and including NBN and Darwin as affiliates, on Revenue of $1.06b, Nine reported Group EBITDA before Specific Items of $192m, up 6% on H1 FY25. Net Profit After Tax before Specific Items of $95m was up 30% on the previous corresponding period. Statutory Net Profit of $81m was up 42% on pcp, and included a post-tax Specific Items expense of $14m. Key highlights include EBITDA growth of 6% on pcp, in line with guidance, with strong performances from Stan and the mastheads, lower corporate costs and a robust result from Total TV. There was a 13% growth in underlying subscription revenues, with growth at the metro mastheads, AFR and Stan. Digital revenue growth in mastheads once again exceeded print decline, as the inflexion point was passed. Nine has also accelerated the Group's strategic transformation with the announcement of the acquisition of digital outdoor media platform QMS Media, as well as the sale of Nine Radio and the conversion of Nine's Northern NSW TV business (NBN) and Nine Darwin from wholly owned to affiliate.

Nine expects Total Television costs to be down in the mid single digits (%) in FY26 on FY25, excluding the impacts of the FY25 Paris Games, the FY26 Milano Cortina Games, and the Rush restructure, as well as the changed ownership structure of NBN and Darwin. Strong EBITDA growth is expected to continue at Stan, with revenue growth expected to more than offset higher costs (primarily from the Premier League). At Nine Publishing, Q3 digital subscription revenue growth is expected to continue in the low-mid teens (%) on pcp.

CY26 has started on a positive note for Nine, both operationally and strategically. Nine expects the acquisition of QMS to complete sometime before the end of June, the sale of Nine Radio by the end of April, and the restructure of NBN and Nine Darwin by the end of May. Nine remains focused on further accelerating Nine's Group Strategy, both organically and through the recently announced acquisition of QMS Media.