Nine Entertainment Co. Holdings Limited (NEE) Q4 2026 Earnings Report

The call presents a balanced picture: clear operational progress and growth in strategic, higher-margin areas (Stan, QMS/outdoor, digital subscriptions, Drive, AI licensing pipeline and strong cost savings) alongside major one-off accounting charges and short-term headwinds in broadcast advertising. Management highlights portfolio reshaping, technology investment and expected FY'27 revenue and EBITDA growth, but the large Total TV impairment, elevated specific items and an ongoing soft TV ad market temper the near-term financial story.

Nine said it expects pro forma revenue and EBITDA growth in FY '27, with its key growth engines (outdoor, streaming and digital publishing) to drive more than 60% of revenue and more than 70% of EBITDA; management said reported EBITDA growth guidance is expected to be achieved beyond the c.$40m FY‑27 benefit from the Total TV impairment. As context for the guidance, FY‑26 continuing business revenue was $2.2bn with EBITDA $379m (+17%), pro forma revenue was $2.4bn with group EBITDA $516m (+6%), NPATA was $147m and EPSA $0.093; QMS pro forma revenue was $295m (+15%) with pre‑AASB16 EBITDA $88m (+15%) (actual FY‑26 contribution $54m reported / $25m pre‑AASB16), Stan EBITDA was $81m (+34%) with revenue +16% and ARPU +8%, Total TV EBITDA was $134m (‑12%), and digital video advertising grew ~20% in the latest half. Key FY‑27 financial settings: net debt was $658m (leverage ~1.7x and expected to remain around current levels), CapEx guidance $150–170m (c.$35m for QMS), cost‑out program on track to exceed the prior $160m three‑year target (removed $70m this year, $130m over two years), fully hedged for FY‑27 interest (50% hedged for FY‑28), and tax prepayments of about $105m have been made to restore franking capacity.