In a challenging economic landscape, Nine has reported a significant decline in revenue for the six months ending December 31, 2025. The media giant’s revenue dropped to $1.14 billion, an 18.5% decrease from the previous $1.4 billion, primarily due to a downturn in advertising and a sluggish free-to-air market. Despite these challenges, the Group’s EBITDA increased by 6% to $201 million, showcasing resilience in a tough market.
Nine’s share of total TV revenues for the half stood at 40.3%, a decline of 9.8% compared to the same period last year. The company attributes this drop to the absence of the Paris Olympics, which had boosted previous figures. The most significant revenue declines were observed in Nine’s broadcast arm, particularly affecting the Nine television network and its streaming service, 9Now.
Stan’s Impressive Growth
Amidst the broader revenue challenges, Nine’s streaming service, Stan, emerged as a standout performer, reporting a 15% increase in revenue. This growth was largely driven by a strategic increase in subscription prices. Stan’s success highlights the shifting consumer preference towards streaming services over traditional broadcasting.
- EBITDA growth of 6% in line with guidance from August 2025
- Group EBITDA margin increased from 16.2% to 18.2%
- 13% growth in underlying subscription revenues
- Digital revenue growth in mastheads exceeded print decline
- Stable EBITDA from Total TV despite a soft advertising market
- Significant restructuring with $43m in cost efficiencies
- Interim dividend of 4.5 cents per share declared
According to Nine’s Chief Executive Officer Matt Stanton, “Nine’s second consecutive half of EBITDA growth was achieved 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 defined by strong audience reach and engagement, coupled with disciplined cost management.”
Challenges and Strategic Responses
The announcement comes as Nine navigates a complex media landscape, characterized by declining traditional TV viewership and increasing competition from digital platforms. Nine’s strategic focus on cost management and audience engagement has been pivotal in maintaining its market position.
Despite a 14% drop in reported Total Television revenue, largely due to the absence of Olympic broadcasts, Nine managed to maintain a 40.3% share of Total Television revenues. Streaming revenue through 9Now decreased by approximately $20 million, yet the platform saw a 22% increase in Daily Active Users and a 70% rise in live streaming minutes, excluding Olympic weeks.
Stan’s Strategic Positioning
Stan’s robust performance was underpinned by its sports offerings, including the Premier League, which resulted in a 40% year-on-year increase in average Sport subscribers. The platform’s content strategy, featuring popular titles like “Love Island” and “Outlander: Blood of my Blood,” has positioned it strongly against competitors.
Stan’s EBITDA reached $37 million, marking a 24% increase and setting a new record for the service.
Looking ahead, Stan plans to capitalize on its strong content slate, including upcoming releases like “Power Book IV: Force” and the Australian Open, to sustain its growth trajectory.
Outlook and Future Prospects
As Nine looks to the future, the company remains focused on cost-effectiveness across its streaming and broadcast operations. For Q3 FY26, Nine projects Total TV revenues to remain flat compared to a strong Q3 FY25. However, the overall market remains uncertain, influenced by factors such as the Federal election cycle.
Nine aims to continue its cost reduction strategies, expecting Total Television costs to decrease by mid-single digits in FY26 compared to FY25. Excluding the impacts of major events like the Paris and Milano Cortina Games, costs are anticipated to remain stable.
Stan’s strong EBITDA growth is expected to persist, with revenue increases anticipated to offset rising costs, particularly from sports investments. As Nine adapts to the evolving media environment, its strategic initiatives in digital and streaming services are likely to play a crucial role in its future success.
