Nine delivers revenue, profit and margin growth in FY26 amid major portfolio transformation
In its FY26 final results presentation released 26 August 2026, Nine Entertainment Co reported growth across revenue, profit and margin for the full year to 30 June 2026, delivered while executing a substantial reshaping of its portfolio through the QMS acquisition and the divestment of Domain, Radio and Pedestrian Group.
The company reported its FY26 numbers on two lenses. On a continuing business basis, revenue reached $2.2 billion (+3%), EBITDA $379 million (+17%) and EBITDA margin 17.3% (+2.0 pts). On a pro forma basis, which treats QMS as owned for the full year and excludes divestments, revenue was $2.4 billion (+1%), EBITDA $516 million (+6%) and margin 21.4% (+1.0 pt).
NPATA came in at $147 million (+11%) with EPSA of 9.3 cents per share (+11%), both on a continuing business basis. The company declared a full-year ordinary dividend of 7.5 cents (including a 3.0 cent final), and ended the period with net debt of $658 million and leverage of 1.7x.
The statutory result was affected by a large non-cash Total TV carrying-value adjustment. This was an accounting-led re-basing rather than an operating loss, and did not consume cash. Growth was delivered through a year of heavy restructuring, signalling that the go-forward business is performing.
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FY26 results scorecard
The headline group numbers on a continuing business basis are summarised below.
| Metric (continuing business basis) | FY26 | FY25 | Variance |
|---|---|---|---|
| Revenue (A$M) | 2,189.0 | 2,125.7 | +3% |
| EBITDA (A$M) | 378.8 | 324.4 | +17% |
| EBITA (A$M) | 235.3 | 222.0 | +6% |
| NPATA (A$M) | 147.2 | 132.9 | +11% |
| EPSA (cents) | 9.3 | 8.4 | +11% |
| DPS (cents) | 7.5 | 7.5 | – |
| Payout ratio | 80% | 71% | – |
Key context points from the presentation:
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Net leverage of 1.7x, below earlier guidance
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$105 million of cost-out delivered in FY26, of which roughly $70 million is ongoing
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On track to exceed the previous $160 million savings target over the three years to end FY27
Divisional performance: where the growth came from
Outdoor (QMS): the new growth engine
The Outdoor division, following the QMS acquisition, delivered pro forma total net revenue of $295.4 million (+15%) and pro forma EBITDA pre-AASB 16 of $87.9 million (+15%), landing at the high end of the $86–88 million guidance range flagged in the June investor presentation.
QMS grew ahead of its markets in both regions. In Australia, revenue rose 10% against market growth of 6%, while in New Zealand revenue climbed 48% in NZ$ terms against market growth of 11%. QMS was included on a continuing business basis only from its acquisition date of 31 March 2026 (one quarter), while pro forma figures reflect the full 12 months.
Streaming & Broadcast: Stan powers ahead
Streaming & Broadcast recorded segment revenue of $1,595.8 million (-1%) and EBITDA of $214.1 million (+1%) on a continuing business basis, with streaming growth offsetting a soft broadcast advertising market.
Stan delivered what management described as another record result, with revenue of $569 million (+16%) and EBITDA of $80.6 million (+34%). The service reported approximately 2.3 million paying subscribers as at August 2026 and ARPU growth of 8%, with average Stan Sport subscribers up almost 50%, underpinned by the Premier League and Winter Olympics. Total TV costs fell 8.2%, ahead of guidance, while H2 audience share rose 2.0 pts to 45.6%.
Mastheads & Publishing: digital and licensing lead
Mastheads revenue reached $460.4 million (+3%) with EBITDA of $153.2 million (+4%), supported by digital subscription revenue growth of 15%, driven primarily by ARPU. Reader revenue now accounts for almost 70% of total Mastheads revenue.
Across Publishing, digital now represents 64% of revenue. Management also highlighted a landmark AI licensing agreement between Publishing and Microsoft for news media content.
Nine’s growth assets, spanning Digital Publishing, QMS and Stan, are becoming the core of the business, and in FY27 are expected to account for more than 60% of revenue and around 70% of EBITDA.
Understanding “continuing business” versus “pro forma” and the Total TV adjustment
The scale of Nine’s portfolio change added reporting complexity, which is why two sets of numbers appear throughout the results.
The continuing business basis reflects the actual reported result, including QMS only from 31 March 2026 and excluding Domain, Radio and Pedestrian Group. The pro forma basis is a like-for-like view, treating QMS as owned for the full year in both periods and excluding divestments, which helps investors compare performance on a consistent footing.
The broadcast radio portfolio, which included 2GB, 3AW and 4BC, was sold to the Laundy Family Office for $56 million cash plus a $51 million future tax benefit, with Nine retaining a commercial partnership covering journalist appearances and Stan Sport promotion.
The $404 million Total TV item was a non-cash re-basing of the segment’s carrying value to $360 million to align with free-to-air advertising market conditions. It did not touch sports rights or local programming and did not consume cash. The adjustment is expected to deliver a future EBITA benefit of +$50 million in FY27, +$38 million in FY28 and +$25 million in FY29.
For investors, the effect is to clear the decks, leaving the underlying cash-generative business intact.
Balance sheet and capital position
The transformation drove a material shift in Nine’s funding position, though leverage remained below earlier guidance.
The regional TV sale to WIN Network, completed on 2 June 2026, crystallised approximately $100 million in tax losses and marked the third and final step in the January 2026 transformation program, with a WIN affiliate agreement preserving Nine’s national advertising footprint.
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Net debt moved from $451.3 million (July 2025) to $657.9 million (June 2026), driven by the QMS acquisition of $855.2 million, partly offset by Domain net proceeds of $721.4 million
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Leverage rose to 1.7x (from 1.4x), below earlier guidance
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Interest cost on drawn debt was 6.0%, with the position 100% hedged for FY27
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Free cash flow was $40.2 million in FY26
The increase in debt was acquisition-led.
FY27 outlook and trading update
Management outlined its forward guidance as part of the presentation, pointing to continued growth across the group’s key divisions.
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Group: Nine expects to report another year of pro forma revenue and EBITDA growth in FY27
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Outdoor/QMS: double-digit percentage pro forma EBITDA growth expected, plus approximately $9 million of cost synergies (around half of the three-year $20 million target)
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Stan: EBITDA growth expected to continue, driven by the second season of Premier League rights and the introduction of an advertising tier and lower entry price point on Stan Entertainment from 1 August 2026
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Publishing: continued digital subscription growth, with FY27 EBITDA guidance assuming a comparable level of licensing revenue to FY26
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Total TV: FY27 costs expected to be broadly flat on FY26
On the Q1 FY27 trading update, management noted the following:
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Digital subscription revenue expected to grow in the mid single digits (%)
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QMS Q1 revenue expected to be up in the mid-teens (%) on Q1 FY26, with growth in both Australia and New Zealand
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Stan showing positive subscriber momentum with the start of the Premier League season
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Total TV Q1 revenue expected to be down 7–8%, reflecting a later start to The Block and the impact of the FIFA World Cup and Commonwealth Games on rival networks
Nine’s FY27 dividend policy is set at 60–80% of NPATA before specific items, unfranked.
Investment thesis: a leaner, growth-weighted Nine
FY26 marked a substantial simplification of Nine’s portfolio, with Domain, Radio and Pedestrian Group divested and QMS added. The result was earnings growth delivered alongside disciplined cost management, with $105 million of cost-out achieved in the year.
The shift positions the group’s growth assets, Digital Publishing, QMS and Stan, as the core of the business, expected to account for more than 60% of revenue and around 70% of EBITDA in FY27. The Microsoft AI licensing agreement and broader content licensing deals add further optionality tied to the value of trusted journalism.
For investors, the year laid the foundations for a business weighted toward scale, digital and out-of-home growth engines, with management guiding to another year of pro forma revenue and EBITDA growth in FY27.
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