Nine’s diversity of revenue, in particular 15 per cent growth in Stan, and a disciplined cost performance helped to counter the weak advertising market in the first half of FY26.
In the six months to 31 December 2025, Nine reported revenue of $1.14 billion, down 18.5 per cent from $1.4 billion, while Group EBITDA was up 6 per cent to $201 million. This $201 million figure includes Nine Radio, NBN and Darwin, but excludes Domain, which was sold.
“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,” said Nine’s CEO, Matt Stanton.
In a challenging advertising market, and against Paris Olympic Games comparables in 2025, Nine said that it delivered strong content and audience results on streaming and broadcast, but revenue for total TV still fell to $512 million (down 14 per cent).
Nine recorded a 40.3 per cent share of total TV revenues for the half, which declined by 9.8 per cent in the comparable period a year ago.
Nine puts this down to the broadcast of the Paris Olympics in the previous comparable period.
Nine’s tentpole programs showed strong growth. The Block’s viewership was up 12 per cent across the season on a total TV basis, and Love Island was also up 43 per cent in December.
Streaming revenue, through 9Now, declined by $20 million in the half, also primarily reflecting the strong Olympic comparables. Audiences continue to grow strongly. From a live perspective in the half excluding the Olympic weeks, 9Now’s Daily Active Users grew by a further 22 per cent with live streaming (minutes) up 70 per cent.
Stan steals the show
Stan was the star performer, growing revenues by 15 per cent, by rising the price of subscriptions. Which also saw an increase a six per cent increase in all revenue per unit.
During the financial period Nine also introduced ads into Stan Sport and won the rights to the Premier League—which helped keep the subscriber count at 2.4 million subscribers.
“The MAFFs spinoff After the Dinner Party, which launched last week was Stan’s highest ever single episode subscription driver in a 24 hour period, beating global phenomenon Yellowstone,” explained Martyn Roberts, Nine’s CFO.
With growth from Stan, the mastheads and robust results from total television. Nine’s group, EBITDA increased by nearly two percentage points to 18.2 per cent and subscription revenue grew by 13 per cent across the half.
Power Of QMS
In the latest results, it was estimated that around 51 per cent of Nine’s revenue and 49 per cent of its EBITDA was sourced from growth assets—Stan, 9Now and digital publishing.
Looking forward to FY27, and adding QMS into the mix, Nine estimates around 60 per cent of its revenue and almost 70 per cent of its EBITDA will be sourced from growth assets, including QMS.
“In January, we announced the acquisition of QMS, for $818m net of tax, equating to a post cost synergy multiple of 6.5x. We have also agreed to sell Nine Radio and restructure Nine’s affiliates NBN and Nine Darwin, in transactions which will net Nine around $234m, inclusive of capital gains tax offsets,” added Stanton.
“These transactions will create a higher-growth, digitally powered and resilient Nine Group for our consumers, advertisers, people and shareholders. This positions Nine well for the future, enabling the Group to withstand industry disruption and deliver long-term sustainable value to our
shareholders.
“The strategic transformation represents a step change in Nine’s asset portfolio, with digital growth businesses expected to account for 60 per cent of revenue from FY27, up from 45 per cent in FY25.”
