Nine Entertainment Co. Holdings Limited (ASX: NEC) has reported its H1 FY26 interim results. The numbers tell a story of a media Company in transition. Revenue is down, but profit is meaningfully up. Digital is growing. Costs are falling. And the portfolio is being reshaped around platforms with long-term momentum.
   
Figure 1: Nine Entertainment H1 FY26 group financial performance summary [Nine Entertainment]
The NEC interim results cover the half-year ended 31 December 2025. Group revenue on a continuing business basis came in at $1,053.2 million, down 5% on the prior corresponding period. Group EBITDA on the same basis rose 6% to $192.2 million. NPAT before specific items grew 30% to $95.2 million. Basic earnings per share rose 30% to 6.0 cents.
Nine Entertainment Interim Results Driven by Stan, Mastheads and Cost Discipline
The Nine Entertainment interim results reflect a clear theme. Growth came from streaming, digital publishing and disciplined cost management. Stan delivered revenue of $282.7 million, up 15% on the prior period. EBITDA at Stan rose 24% to $36.6 million, with approximately 2.4 million paying subscribers as of February 2026 and overall ARPU growth of 6%.
Figure 2: Stan’s H1 FY26 performance showing record results [Nine Entertainment]
Nine removed $43 million in costs during the half, of which approximately $32 million is classified as recurring. The Company remains on track to deliver at least $160 million in annualised savings over the three years to the end of FY27.
CEO Matt Stanton said the Company remains positive about operational momentum, underpinned by core digital and subscription assets.
Figure 3: Cost efficiency initiatives and savings waterfall illustrating Nine’s focus on reducing costs to reinvest in growth assets [Nine Entertainment]
NEC Financial Performance by Division: What Each Segment Delivered
Here is how each division contributed to the Nine Entertainment Interim Results for H1 FY26:
- Total Television revenue was $508.2 million, down 14% on the prior period, impacted by the absence of Olympic Games revenue. EBITDA held broadly steady at $98.9 million, down just 1%, with margin improving to 19.5% from 16.8%
- Stan revenue grew 15% to $282.7 million. Stan Sport costs rose 52% to $90.8 million, reflecting Premier League rights investment, but EBITDA still grew 24%
- Publishing total revenue was $262.2 million, down 2%. Digital revenue at the mastheads grew 9% to $136.9 million. Drive marketplace revenue grew 32% to $14.3 million. Masthead EBITDA rose 7% to $77.6 million, with margin expanding to 33.6%
- Digital revenues now contribute more than 50% of total Group revenues on a continuing business basis, excluding Domain, Radio, NBN and pre-Outdoor
Figure 4: Revenue and EBITDA contribution by segment for H1 FY26 [Nine Entertainment]
NEC Interim Results Reflect a Stronger Balance Sheet After Domain Sale
Nine Entertainment’s balance sheet has been materially transformed. The Company moved from a net debt position of $451.3 million as at 30 June 2025 to a net cash position of $157.8 million as at 31 December 2025. This followed the sale of Domain, which generated net proceeds of $721.0 million.
Figure 5: Net cash position following the sale of Domain, showing the transition from net debt to net cash as at 31 December 2025 [Nine Entertainment]
The NEC financial performance on a statutory basis, including discontinued operations, saw Group NPAT, including discontinued operations, reach $896.6 million. This includes $659.6 million from the Domain divestment and $155.6 million from other discontinued businesses.
NEC Financial Performance Outlook: Digital to Reach 60% of Revenue by FY27
Nine Entertainment is actively reshaping its portfolio. The Company has announced the acquisition of QMS Media, an outdoor advertising business, expected to be completed before the end of FY26.
It has also agreed to sell Nine Radio and is converting NBN and Nine Darwin to an affiliate structure. These moves reflect a deliberate focus on four growth platforms: Streaming and Broadcast, Publishing, Outdoor and Marketplaces.
Figure 6: Shift toward growth platforms, with indicative revenue and EBITDA mix moving toward digital-led assets by FY27 [Nine Entertainment]
The NEC interim results presentation shows growth platforms currently contributing 49% of revenue and 51% of EBITDA on a continuing business basis. By FY27, Nine expects growth platforms to represent approximately 60% of revenue and 70% of EBITDA.
AI is also being deployed across six areas, including customer support, sales, content acquisition and engineering. The Company has begun licensing Nine content to domestic corporates for use in proprietary large language models.
Share Price Performance
Nine Entertainment Co. Holdings Limited (ASX: NEC) last traded at $1.095 per share. The 52-week range is $1.055 to $1.900 per share. Market capitalisation is approximately $1.68 billion.
Figure 7: Nine Entertainment Co. Holdings Limited share price performance over the past year [ASX]
Investor Outlook
The NEC interim results show a Company that is trading lower on revenue but improving strongly on profit, margin and cash. Investors will watch closely for:
- Completion of the QMS Media acquisition and its contribution to Outdoor revenue
- Continued subscriber and ARPU growth at Stan
- Progression of the Nine 2028 cost savings plan toward the $160 million annualised target
- Q3 FY26 Total TV advertising revenue performance against a strong prior period comparator
- Digital subscription revenue trajectory at the mastheads
- Finalisation of Nine Radio, NBN and Darwin disposals
With net cash of $157.8 million, a 30% lift in NPAT and a portfolio increasingly weighted toward digital growth, Nine Entertainment enters the second half of FY26 with improved financial flexibility and a clearer strategic direction.
Frequently Asked Questions
Q1. What were the key NEC interim results for H1 FY26?
Ans. Group EBITDA rose 6% to $192.2 million, NPAT grew 30% to $95.2 million, and earnings per share increased 30% to 6.0 cents for the half year ended 31 December 2025.
Q2. How did Nine Entertainment interim results for Stan perform?
Ans. Stan delivered revenue growth of 15% to $282.7 million and EBITDA growth of 24% to $36.6 million, with approximately 2.4 million paying subscribers as at February 2026.
Q3. What is driving NEC financial performance improvement despite lower revenue? Ans. Cost reduction of $43 million in the half, digital revenue growth and improved margins across Stan and the mastheads are the primary drivers of NEC financial performance improvement.
Q4. What is Nine Entertainment’s dividend for H1 FY26?
Ans. Nine Entertainment declared an interim dividend of 4.5 cents per share, unfranked, representing a 30% increase on the prior period.
