• Revenue down 14.7% to $82.5m, with declines across 3 of 4 operating segments
• $41.5m impairment charge due to tightening advertising market conditions
• $43.9m return of capital to shareholders funded by debt drawdown

GTN Ltd reported revenue of $82.5 million for the six-month period ended 31 December 2025, a decrease of 14.7% from $96.7 million for the same period in the prior year. Revenue decreased in local currency in all operating segments with the exception of Brazil, who recorded 5.6% growth. The company stated that the radio advertising market tightened materially during the period, particularly across three of its four operating segments. As a result, the company recognized an impairment charge of $41.5 million, comprising a partial impairment of goodwill in Australia and a full impairment of goodwill, intangibles and property, plant and equipment in the United Kingdom. During the period, the company returned $43.9 million in capital to shareholders in the form of a return of capital, funded by a $35 million drawdown from its debt facility. The company also made the strategic decision to exit aviation in its Australian and Canadian markets, expecting this to provide considerable savings in operating expenditure.

The Board has established a dividend target of approximately 100% of NPAT for FY26. The company plans to distribute an interim dividend of $0.01 per share, with the final dividend approximating annual NPAT less the interim dividend.