Australia’s largest outdoor company, oOh!Media, reported a 9 per cent lift in revenue due to strong performance in advertising in billboards, airports, transport and street furniture.
Its 2025 results are in line with its November trading update, with total revenue of $691.4 million, underlying EBITDA of $139.1 million (up 14 per cent) and adjusted gross margin of 43.2 per cent.
oOh!Media maintained its ANZ market leadership with a share of 35 per cent as the outdoor advertising category reached a record 16.4 per cent share of agency media spend for the year.
It is the first results announcement by new CEO James Taylor, who succeeded Cathy O’Connor eight weeks ago.
“I joined oOh! with a mindset to execute on our strategy with pace and clarity, ensuring the market fully understands the distinctiveness and scale of our offering. With our market-leading, multi-format portfolio of more than 30,000 assets reaching 98 per cent of metropolitan Australians each week, we are well positioned to deliver sustainable growth for our shareholders,” Taylor said.
“In the first half of CY25, oOh! delivered record revenue and underlying results, while the second half saw pressure on advertising budgets and the non-renewal of the Auckland Transport contract. Notwithstanding this, the underlying business demonstrated resilience, with strong contract discipline resulting in adjusted gross profit increasing 5 per cent to $298.8 million and adjusted underlying EBITDA growing 8 per cent to $139.1 million.”
Although oOh!Media produced solid growth in billboards, airports, transport and street furniture, it reported declines in the retail, offices and student categories (see below).
oOh!Media put these declines down to a competitive market and lower advertiser interest in the absence of a launch of MOVE 2.0.
“If you look at retail, the performance is not where we would want it but there are a couple of factors at play. It is very competitive, particularly in the FMCG space, and will benefit significantly from the introduction of MOVE 2.0. Our retail assets are not being measured effectively yet, but will be from the 9 March they will be and we think that will provide us an outsized opportunity to communicate differently with marketers,” he said.
“It’s worth noting that in retail, we hold the leadership position. We have the largest and highest footfall retail network in Australia, almost 50 cents in every retail out of home dollar is spent within an oOh!Media retail centre.”
Taylor also said the overall advertising market was much more subdued in the second half of the year.
“I think the business was assisted by really good quality, cost control. The business benefited from some fantastic contract wins, which will bring in about $90 million to our revenue base on a full run rate basis,” he said.
“In rail and in and street, we’re seeing really strong demand at good prices. We have good occupancy in those new assets, which is really heartening.”
Taylor pointed out that the rollout of billboards across Sydney Metro, Waverley Council and the Transurban contracts in Brisbane and Melbourne as highlights of the year.
He also noted “a really reassuring Contract Expiry profile”, with 48 per cent of contracts expiring after 2030 (see chart below).
oOh! expects to see further growth in 2026, with Q1 media revenue pacing up 7 per cent in Australia, offset by New Zealand following the Auckland Transport loss. Group Q1 media revenue is pacing up 2 per cent.
