oOh!media’s Australian business saw its revenue climb 6 per cent through a subdued first half, offsetting a downturn in New Zealand following its loss of the Auckland Transport contract in October 2025.
The outdoor media company reported group revenue of $340.9 million for the six months to June, up 1.4 per cent, while adjusted underlying EBITDA came in at $48.1 million.
Its Street Furniture & Rail revenue grew 3 per cent to $111.6 million across the group, with Australian revenue up 18 per cent.
In New Zealand, however, Street Furniture & Rail revenue plunged 57 per cent, with oOh! attributing seven percentage points of the decline to foreign exchange.
The result was also dragged by a softer billboard market, with revenue from the format falling 2 per cent to $117.5 million as brand-led advertiser demand weakened during the second quarter against a strong prior corresponding period.
Overall, oOh! described the first half as “subdued” and said revenue growth was below expectations.
But the company is pointing to a significantly stronger second half, with Australian third-quarter revenue currently pacing 14 per cent higher year-on-year.
More than 100 per cent of the Australian revenue booked at the close of the September quarter last year has already been secured, while Automotive, Communications and FMCG are all tracking ahead of last year’s full Q3.
The company said categories including Media and Entertainment are still building, providing further upside if demand continues to convert.
oOh! CEO James Taylor said the business had navigated challenging advertising conditions while reshaping the company for its next phase of growth.
“While the bid process was underway since late April the business managed to navigate challenging first half conditions for the advertising market and has delivered on our commitment to reshape oOh! for our next phase of growth,” Taylor said. “We are beginning to see the fruits of the decisions we have made.”
During the half, oOh! onboarded the Transurban and Melbourne Metro Tunnel contracts, while its Operational Excellence program and exit from its reo retail media business delivered $12 million in annualised costs and capex savings.
The company said it was also confident it had unlocked a further $1 million to $2 million in annualised savings.
Taylor said the company was now seeing momentum accelerate.
“We expect a materially stronger second half and momentum is accelerating, with third quarter revenue pacing up double-digits, and more than 100 per cent of last year’s closing Australian Q3 revenue already booked,” he said.
Elsewhere across the business, Retail revenue grew 1 per cent to $59.2 million, marking the format’s first half of growth in six halves.
Airports revenue increased 5 per cent to $33.6 million, despite disruption in the second quarter from the Middle East conflict, while Office & Study revenue rose 7 per cent to $10 million.
oOh! said the long-awaited MOVE 2.0 launch was also lifting buying confidence across Retail, Regional, Office and Study formats.
The company said out-of-home now accounts for a record 16.9 per cent of total agency media spend and expects the format to continue taking revenue share from other media sectors.
The results come just days after private equity firm I Squared Capital agreed to acquire oOh!media in a deal valuing the company at $1.04 billion.
Under the proposed deal, I Squared has agreed to pay $1.70 per share, including a 2 cent fully franked dividend.
oOh! finished the half with net debt of $129.3 million and a gearing ratio of 1.0 times, in line with the board’s target.
