Turnover for Nine has fallen, Stan sees growth. | Television tonight

Nine has reported a sharp drop in revenue in its six-month results amid a slump in advertising and the struggling free-to-air market.

In the six months to December 31, 2025, Nine reported revenues of $1.14 billion, down 18.5% from $1.4 billion, while group EBITDA rose 6% to $201 million.

Nine of these recorded a 40.3% share of total TV revenues for the half, which fell by 9.8% in the comparable period a year ago. Nine attributes this to the Olympic Games in Paris in the previous comparable period.

The sharpest declines were recorded in broadcasting, under pressure from television networks Nine and 9Now.

But Stan was the star player and grew revenue by 15% by raising the price of subscriptions.

Highlights include:

● EBITDA growth of 6% on pcp, in line with August 2025 expectations, with strong performance from Stan and the mastheads, lower operating costs and a robust result from Total TV
● Increase in Group EBITDA margin from 16.2% to 18.2% (on a continuing operating basis) with growth across all business lines
● 13% growth in underlying subscription revenue, with growth at metro mastheads, AFR and Stan
● Masthead digital revenue growth once again outpaced print production declines as the tipping point passed
● Stable EBITDA from Total TV, with lower costs offsetting the impact of the soft advertising market
● Significant restructuring during the half year, delivering approximately $43 million in cost savings, of which c$32 million is ongoing. On track to achieve at least the previous three-year target of $160 million by the end of FY27
● Interim dividend of 4.5 cents per share, declared, unpaid and payable on April 23, 2026.

Nine Chief Executive Officer Matt Stanton said: “Nine’s second consecutive half of EBITDA growth was delivered against the backdrop of a soft advertising market – with growth from Stan, the Metro Mastheads and the AFR, as well as a resilient result from Total TV. Our business continues to be characterized by strong audience reach and engagement, coupled with disciplined cost management. The past six months have seen material strategic and operational results that will solidify Nine’s path for the future. “

Select excerpts from the Nine release:

Nine

In a challenging advertising market, and compared to Paris Olympic figures in H1FY25, Nine delivered strong content and audience results and managed its cost base effectively, resulting in a broadly flat EBITDA result of $99 million for the half, on a continuing operating basis.

Throughout CY25, Nine delivered strong growth in its underlying Total Television audience, across both broadcast and streaming. Excluding the Olympic impact, Nine recorded an 8.2% increase in audiences in the key 25-54 demographic, and a 5.3% increase in total people1. This momentum accelerated in the December half, with viewership growth of 9.2% among 25-54 year olds and 6.4% among Total People respectively, excluding Olympic weeks.

While reported total television revenue fell by 14%, this was significantly affected by Nine’s broadcast of the Paris Olympics in the previous comparable period. Nine of these recorded a 40.3% share of total television revenues for half, in a market that fell by 9.8%.

9Now streaming revenues fell by ~$20 million in the half, mainly due to strong Olympic comparables. The audience continues to grow strongly. From a live perspective in the half before the Olympic weeks, 9Now’s daily active users grew by another 22%4 with live streaming (minutes) up to 70%. Nine’s broader exposure to the VOD advertising market, through both Stan and its sales agreement with HBO Max, will stand the Group in good stead going forward.

Nine’s regional revenues fell 13% and are now included in ongoing operating profit on an affiliate basis, in line with recent agreements with WIN.

First half costs decreased by $85 million compared to the first half of FY25. The absence of the Olympic and Paralympic Games accounted for much of this decline, with underlying content and wage inflation offset by around $25 million in costs.

Stan

Stan’s 15% sales growth for the half year was a strong performance compared to a corresponding period that included the Olympic Games and Yellowstone. This growth was supported by Stan Sport and especially the impact of the Premier League, which saw the average number of sports subscribers increase by 40% year-on-year (last year including the Paris Olympics). The number of paying subscribers currently stands at approximately 2.4 million, with the average number of Stan subscribers on pcp increasing by 5%. General ARPU increased by another 6%.

After a strong entertainment offering in the September quarter, with titles such as Love Island (ITV), Outlander: Blood of my Blood (Sony Pictures) and The Hunting Wives (Lionsgate), the entertainment streaming market proved extremely competitive in the December quarter. However, Stan’s slate is strongly positioned for the second half, with Power Book IV: Force (Lionsgate), Patrick Demsey TV series Memory of a Killer (Warner), and Stan Originals, Dear Life (Brooke Satchwell) and MAFS: After the Dinner Party (which launched last week as Stan’s highest-ever single-episode subscription in a 24-hour period) and a new film series with titles like Mission Impossible, Nuremberg, The Naked Gun, and Running Man.

Stan Sport has a strong H2 schedule, including the Australian Open, the Winter Olympics, the return of Super Rugby and the latter stages of the Premier League, as well as the FA Cup Final and UEFA Champions League Finals.

The 14% increase in costs reflected higher sporting investment – ​​mainly a result of the new Premier League contract. Ex Sport, costs were marginally lower as the Group focused on improving overall cost efficiency and offsetting higher sports spend in the period.

EBITDA of $37 million, an increase of 24%, was another record result for Stan.

Outlook

At Total Television, audiences have been particularly strong so far this quarter. The Australian Open reported audience growth of around 25%, Married at First Sight has returned with an audience around 7% higher than last season and the Winter Olympics reached more than 14 million people on Total TV, while also setting a record for weekly Stan Sport users.

As a result, for the third quarter of FY26, Nine expects total TV revenues to remain broadly flat, compared to a strong comparator for the third quarter of FY25. However, the overall market remains tight and, coupled with last year’s federal election cycle, it is too early to comment on the fourth quarter of FY26.

Nine remain focused on cost-effectiveness for the entirety of streaming and broadcasting. On a continuing operating basis, Nine now expects total television costs to decline by mid-single digits (%) in FY26 compared to FY25. Excluding the impact of the Paris Games in FY25, the Milano Cortina Games in FY26 and the Rush restructuring, as well as the changed ownership structure of NBN and Darwin, total television costs are expected to remain broadly flat in FY26 and FY25. Cost initiatives will continue through 2026 and beyond, with underlying inflation and targeted investments in technology and content offset by continued cost efficiencies across the business.

Strong EBITDA growth at Stan is expected to continue, with revenue growth expected to more than offset higher costs (particularly from the Premier League).

Source: B&T, The Guardian,