Slides
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26 August 2026
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Nine reports revenue, profit and margin growth in FY261 2 Revenue1 Continuing Business3 Pro forma $2.2B +3% on pcp $2.4B +1% on pcp EBITDA1 $379M +17% $516M +6% EBITDA Margin1 17.3% +2.0 pts 21.4% +1.0 pts 1. Before Specific Items 2. `A’ refers to the exclusion of amortisation related to acquisition-related intangibles 3. Continuing business basis – excludes Domain, Radio, Pedestrian Group and includes NBN and Darwin as affiliates, includes 3 months of QMS 4. Fully franked and paid in September 2025 Refer to Glossary in Appendix 8 for definitions Total may not add due to rounding. NPATA1,2,3 $147M +11% EPSA1,2,3 DPS 7.5c (3.0c final) + 49c special4 Net Debt $658M 1.7x leverage 9.3 cps +11%
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FY26 EBITDA1 growth across Outdoor, Mastheads and Streaming & Broadcast • Alignment of content, marketing and promo platforms • 34% EBITDA growth at Stan, underpinned by Sport - notably the Premier League and Winter Olympics • 8% reduction in costs at Total TV, ahead of earlier guidance Streaming & Broadcast • Revenue growth of 15%, with above market performance in both Australia and New Zealand • Strong operating momentum, augmented by contract wins • Early examples of incremental advertising opportunities across consolidated Nine Group Outdoor2 • 15% growth in digital subscription revenue driven by ARPU growth • Underlying cost inflation and investment broadly offset by cost initiatives • Licensing revenue growth in the year, signalling increased interest from consumers, businesses and platforms on trusted, quality journalism Mastheads3 1. Pre Specific Items, Continuing business basis except for Outdoor (pro forma) 2. Pre Specific Items, Pro forma basis 3. Publishing mastheads – The Sydney Morning Herald, The Age, the AFR, Brisbane Times & WA Today Refer to Glossary in Appendix 8 for definitions. FY26 REVENUE EBITDA +15% +18% on pcp on pcp FY26 REVENUE EBITDA +3% +4% on pcp on pcp FY26 REVENUE EBITDA -1% +1% on pcp on pcp 3
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Step change in progress for Nine’s strategic initiatives 4 • Focusing on scale and reach – increasing our exposure to growth assets • Acquisition of growing Outdoor business, QMS Media • Sale of Nine Radio • Conversion of remaining regional TV assets to affiliate structure • Simplifying the portfolio – sale of Pedestrian Group, Future Women • $105m of cost out in FY26, of which ~$70m ongoing • Total cost out expected to exceed previous target of $160m over 3 years to end FY27 • Restructuring of Publishing including further redundancy program and relaunch of nine.com.au • Broadening use of content assets across multiple video platforms • Extension of digital video advertising proposition – 9Now, Stan Sport, HBO Max with Stan Entertainment from 1 August 2026 • Key content surety – incl. NRL/NRLW, NBL, WNBL, Netball • Landmark AI agreement between Publishing and Microsoft for news media content • Licensing deals with key domestic corporates to access Nine content to ground in-house LLMs • Acceleration in single platform deliverywith initial launches of total (sales) trading platform, integrated consumer platform and AI platform • Program underway to fully digitise Nine’s Publishing & Video archives • Expanding use of AI internally – including promos, creative, semantic search and credit & collection Accelerating portfolio transformation Optimising operating performance Technology initiatives including AI & licensing
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Our significant portfolio transformation, including the acquisition of QMS and divestments, adds reporting complexity in FY26. We provide this overview to summarise how our results are presented to demonstrate the ongoing operational performance on a like-for-like basis. . Continuing vs. Pro-Forma Discontinued Operations: • Divested businesses (Domain, Radio and Pedestrian Group) are removed from underlying results • Regional TV assets (NBN and Darwin) are treated as affiliates from 1 July 2024 QMS: • Continuing business results include QMS from acquisition date of 31 March 2026 • Pro-forma results include QMS for the full year in FY26 and the comparative period (FY25) to provide a like-for-like comparison of performance. EBITA, NPATA & EPSA New Profit Metrics: Post the acquisition of QMS, Nine is introducing the metrics of EBITA, NPATA and EPSA. These involve the add back of non-cash amortisation related to acquired site lease intangible assets. This change: • Strips Out Non-Cash Accounting Charges: Acquiring QMS required the recognition of additional site lease intangibles which amortise through the P&L. Moving to these metrics removes this non-cash expense - which requires no cash capex or replacement - to accurately reflect the underlying cash conversion and core trading performance of the Group. • Aligns with Out-of-Home (OOH) Industry Standards: EBITA is the benchmark valuation metric for OOH media assets, giving shareholders and analysts a clean, like-for-like basis to evaluate Nine against market peers. Accounting One-Offs Lease Adjustments (AASB 16): • Following an acquisition, the accounting in respect of leases held by the acquired entity is required to be remeasured as if the leases were new at the acquisition date. This involves a review of key assumptions and remeasurement of future committed cash flows in line with Nine's cost of debt. • Given the lower cost of debt of Nine, this has resulted in a gross up of QMS right-of-use assets and related lease liabilities, leading to an increase in AASB 16 depreciation and a reduction in AASB 16 interest costs. Specific Items: • Statutory non-cash impairments, onerous content contract provisions, restructuring and acquisition related costs are excluded from pro forma and continuing business results to provide more comparability from year to year. Navigating Our FY26 Financial Results 1. Portfolio Changes 2. Adjustments 3. Operating metrics 5
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A$M, CONTINUING BUSINESS BASIS 1 FY26 FY25 2 VARIANCE REVENUE 1,3 2,189.0 2,125.7 +3% EBITDA 1,3 378.8 324.4 +17% EBITA 1,3 235.3 222.0 +6% NPATA 1,3 147.2 132.9 +11% EPSA1,3 – CENTS 9.3 8.4 +11% DIVIDEND PER SHARE - CENTS 7.5 7.5 - PAYOUT RATIO 4 - % 80% 71% Group Results – EBITDA growth of 17% including one quarter of QMS 1. Continuing business basis (excludes Nine Radio, Domain and Pedestrian and accounts for NBN and Nine Darwin as affiliates for the full period, includes Nine Outdoor from completion of acquisition) 2. Same as 1 (above) but no Outdoor, restated 3. Before Specific Items 4. Calculated as the ratio of dividend per share divided by EPSA. FY25 payout was based on the EPS calculated at the time (prior to asset sales incl Domain and Nine Radio) Refer to Glossary in Appendix 8 for definitions. Total may not add due to rounding. 6
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6% EBITDA growth on a pro forma basis – reflects the performance of the go-forward business 7 1. Excludes Domain, Radio and Pedestrian Group, includes NBN and Darwin as affiliates for the full period, includes Nine Outdoor for full 12 months 2. Before Specific Items Refer to Glossary in Appendix 8 for definitions Total may not add due to rounding. A$M, PRO FORMA BASIS1 FY26 FY25 VARIANCE REVENUE 1,2 2,407.0 2,382.7 +1% COSTS (1,890.8) (1,896.3) - EBITDA 1,2 516.2 486.4 +6% EBITDA MARGIN 21.4% 20.4% +1.0 PTS
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Specific items - after tax 1. Continuing business basis (excludes Nine Radio, Domain and Pedestrian and accounts for NBN and Nine Darwin as affiliates for the full period, includes Nine Outdoor from completion of acquisition) Refer to Glossary in Appendix 8 for definitions. Total may not add due to rounding. 8 A$M, CONTINUING BUSINESS1 H1 FY26 H2 FY26 FY26 IMPAIRMENT OF TOTAL TELEVISION BUSINESS - (403.6) (403.6) CONTENT SPECIFIC PROVISIONS - (22.5) (22.5) ACQUISITION RELATED COSTS (3.1) (21.4) (24.5) RESTRUCTURING COSTS (6.8) (6.9) (13.7) TECHNOLOGY TRANSFORMATION PROJECTS (3.2) (7.4) (10.6) IMPAIRMENT OF OTHER ASSETS - (6.3) (6.3) TOTAL SPECIFIC ITEMS AFTER TAX (13.1) (468.1) (481.2) TOTAL CASH SPECIFIC ITEMS AFTER TAX (13.1) (33.9) (47.0)
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Accounting-led adjustment to Total TV carrying values P&L IMPACT (pre-tax) FY26 FY27 FY28 FY29 Operating costs content / program rights - +$14m +$8m +$4m Depreciation & Amortisation - +$36m +$30m +$21m EBITA benefit - +$50m +$38m +$25m 1. Relates to international content that is unlikely to drive revenue 2. Relates to a number of US series, acquired in the past under a legacy life-of-series deal, that are no longer aired on 9/9Now Refer to Glossary in Appendix 8 for definitions. Total may not add due to rounding. Intangibles (mainly linear broadcast licences) -$330m Non-cash balance sheet adjustment of $404m (post-tax) Content specific provision2 of $23m P,P & E -$60m Program rights1 -$14m 9 As part of the annual balance sheet review, Nine has re-based the carrying value of the Total TV segment to $360m to align with free to air broadcast advertising market conditions No impairment or onerous contract provisions have been applied to our sports rights or local programming, which continue to deliver strong advertising revenues and benefits across the broader Streaming & Broadcast business Total TV remains a central, cash- generative pillar of Streaming & Broadcast, and plays an important role in the ongoing success and growth of Stan subscriptions. 9Now remains an important component of Nine’s Streaming proposition
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Costs, pre Specific Items, A$M1 Savings implemented across the year, of which ~$70m is recurring3 Nine continuing to focus on cost efficiencies, enabling investment in growth and digital assets 1. Continuing business basis (excludes QMS) 2. In August 2025, Nine took over full operational ownership of 9Rush (previously a JV between Nine and Warner Bros. Discovery) which resulted in increased reported revenue and costs through the Nine P&L, with negligible impact on EBITDA 3. Recurring costs reflect structural efficiencies - such as headcount reductions and operational redundancies - and exclude temporary cost deferrals, short-term spending freezes, or cyclical changes in direct activity costs. Refer to Glossary in Appendix 8 for definitions. Total may not add due to rounding. On track to exceed previous estimate of $160m in annualised (recurring) savings, over the 3 years to the end of FY27 10 1,811 (97) 1,715 6 6 17 9 30 11 12 91 1,897 (105) 1,793 1700 1750 1800 1850 1900 1950
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AS AT, A$M 30 JUN 2025 31 DEC 2025 30 JUN 2026 INTEREST BEARING LOANS AND BORROWINGS 541.4 0.6 750.3 LESS: CASH AND CASH EQUIVALENTS (90.1) (158.5) (92.4) NET DEBT/(CASH) 451.3 (157.9) 657.9 NET LEVERAGE 1.4x - 1.7x Net leverage of 1.7x below earlier guidance 11 Changes to cash/(debt), A$M (451.3) 377.9 (62.9) (44.8) (105.3) (122.0) (57.1) (134.8) (855.2) 9.7 721.4 66.5 (657.9) 0 -200 -400 -600 -800 -1000 -1200 -1400 -1600 Refer to Glossary in Appendix 8 for definitions. Total may not add due to rounding. Acquisition and divestment activity
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Gearing and funding update 12 GROUP DEBT METRICS FY26 FY25 Weighted average maturity 2.1 years 3.0 years Interest cost on drawn debt 6.0% 6.1% Net Debt ($658.1m) ($450.3m) Leverage 1 1.7x 1.4x 1-year hedged % (Fixed v Floating) 100% 50% 490.0 450.3 658.1 80.0 300.0 300.0 50.0 150.0 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 FY27 FY28 FY29 FY30 Debt Drawn Undrawn Debt 490.9 450.3 658.1 1.4x 1.4x 1.7x 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 FY24 FY25 FY26 Net Debt ($m) Leverage Ratio $m $m 1. Statutory reported interest-bearing loans and borrowings, excluding lease liabilities less cash divided by EBITDA after cash lease payments and before Specific Items (last 12 months) Refer to Glossary in Appendix 8 for definitions. Total may not add due to rounding.
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FY26 Final Results
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1. Includes The Sydney Morning Herald, The Age, the AFR, the Brisbane Times, WA Today. Subset of Nine Publishing Refer to glossary in Appendix 8 for definitions. Totals may not add due to rounding. 14 A$M FY26 FY25 VARIANCE DIGITAL REVENUE SUBSCRIPTION & LICENSING 215.6 193.6 +11% ADVERTISING & OTHER 60.5 59.7 +1% PRINT REVENUE SUBSCRIPTION & RETAIL 101.5 104.5 (3%) ADVERTISING 82.8 91.3 (9%) TOTAL REVENUE 460.4 449.1 +3% COSTS (307.2) (302.3) (2%) EBITDA 153.2 146.9 4% MARGIN 33.3% 32.7% +0.6 PTS Mastheads1 – Profitable growth underpinned by digital subscription & licensing Reader revenue (subscriptions, licensing and retail) now accounting for almost 70% of total revenue Digital subscription revenue growth of 15%, outpacing the print decline. Underpinned primarily by ARPU growth Other revenue growth offsetting advertising softness. Driven by Events (+9%) and receipt from the Journalism Assistance Fund Solid cost performance offsetting underlying cost inflation
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Publishing – Strong growth in digital subscription and licensing revenue to more than 40% of total revenue 1. Excludes Pedestrian 2. Drive and nine.com.au Refer to glossary in Appendix 8 for definitions. Totals may not add due to rounding. A$M, CONTINUING BUSINESS 1 FY26 FY25 VARIANCE DIGITAL REVENUE MASTHEADS 276.1 253.3 +9% OTHER2 57.2 69.4 (18%) PRINT REVENUE MASTHEADS 184.2 195.8 (6%) TOTAL REVENUE 517.5 518.5 - COSTS (367.6) (364.7) (1%) EBITDA 149.9 153.8 (3%) MARGIN 29.0% 29.7% -0.7 PTS DEP’N, AMORT’N (37.9) (30.8) (23%) DEP’N, AMORT’N - AASB 16 (8.9) (8.5) (5%) EBITA 103.1 114.5 (10%) 64% of Publishing revenue is digital Flat overall costs notwithstanding Drive investment of c$10m Drive revenue growth of 27%, including 88% revenue growth from Marketplace Nine.com.au relaunch from 1 June 2026, resulting in a revenue and cost reset D&A increase due to investment in technology 15
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1. Includes NBN and Darwin as affiliates for both periods Refer to glossary in Appendix 8 for definitions. Totals may not add due to rounding. Streaming & Broadcast– Streaming growth offsetting soft broadcast advertising market 16 A$M, CONTINUING BUSINESS 1 FY26 FY25 VARIANCE REVENUE 1,595.8 1,617.0 (1%) COSTS (1,381.7) (1,404.7) +2% EBITDA 214.1 212.3 +1% MARGIN 13.4% 13.1% +0.3pts DEP’N, AMORT’N (48.7) (44.5) (9%) DEP’N, AMORT’N - AASB 16 (17.7) (19.7) +10% EBITA 147.7 148.1 (-) Nine’s total streaming advertising revenue sold in the second half grew by ~20% - from 9Now, Stan Sport and HBO Max (sales agent) with Stan Entertainment added from August 2026 Benefits of working together – through content, technology, promotions & marketing including • Cross platform utilisation and extension of key content – incl Scrublands, Bump, MAFS – After the Dinner Party, Love Island • 9Now to Stan pathways – building on cross-platform pathways to extend 9Now viewers to Stan subscribers • Working towards single streaming platform technology for both 9Now and Stan from mid-2027
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A$M, CONTINUING BUSINESS 1 FY26 FY25 VARIANCE REVENUE BROADCAST TV 817.1 900.7 (9%) 9NOW 209.7 224.5 (7%) TOTAL REVENUE 1,026.8 1,125.2 (9%) COSTS (893.3) (973.2) +8% EBITDA 133.5 152.0 (12%) MARGIN 13.0% 13.5% (0.5 PTS) DEP’N, AMORT’N (38.3) (36.8) (4%) DEP’N, AMORT’N - AASB 16 (16.3) (18.3) +11% EBITA 78.9 96.9 (19%) 1. Includes NBN and Darwin as affiliates for both periods 2. Year to 30 June 2026 compared with year to 30 June 2025, Average audience, 2am-2am 3. KPMG data – Seven, Nine and Ten (7Play, 9Now, 10Plus) Refer to glossary in Appendix 8 for definitions. Totals may not add due to rounding. Total TV – strong cost performance in challenging advertising market Growth in Total TV audiences of 3% in 25-54s and 3% in Total People 2 Total TV ad market declined by 9.6%; Broadcast (metro) down 12.1% and BVOD +0.4% 3 Total TV share of 42.8%, down <1% pts notwithstanding the Paris Olympics in FY25. H2 share growth of 2.0% pts to 45.6% Nine’s underlying Total TV revenue (ex Olympics) down ~2% Total TV costs down 8.2%, or down 1% adjusted for Paris Olympic impact. Underlying cost out of $55m, of which $47m ongoing 17
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18 A$M FY26 FY25 VARIANCE REVENUE 569.0 491.8 +16% COSTS (488.4) (431.5) (13%) EBITDA 80.6 60.3 +34% MARGIN 14.2% 12.3% +1.9 PTS DEP’N, AMORT’N (10.4) (7.7) (35%) DEP’N, AMORT’N - AASB 16 (1.4) (1.4) - EBITA 68.8 51.2 +34% Stan – Another record result driven primarily by Sport 1. As at August 2026 Refer to glossary in Appendix 8 for definitions. Totals may not add due to rounding. Paying subscribers of c2.3m1 Growth in average Stan subscribers across the year Almost 50% growth in average Stan Sport subscribers across the year, underpinned by Premier League and Winter Olympics Growth in ARPU of 8% in FY26 on FY25 Costs up 13% driven by increase in Sports costs
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Outdoor - QMS continues to grow ahead of market 19 A$M, PRO FORMA 1 FY26 FY25 VARIANCE MEDIA REVENUE LARGE FORMAT BILLBOARDS 184.0 169.5 +9% STREET FURNITURE 101.0 75.5 +34% OTHER 2 24.3 23.9 +2% GROSS MEDIA REVENUE 309.3 268.9 +15% INSTALLATION, PRODUCTION & OTHER 23.2 20.6 +13% TOTAL GROSS REVENUE 332.5 289.5 +15% AGENCY COMMISSIONS (37.1) (32.5) (14%) TOTAL NET REVENUE 295.4 257.0 +15% 1. Full 12 month period 2. Other revenue includes retail, airport and buses 3. OMA (Outdoor Media Association) data 4. OOHMAA (Out of Home Media Association Aotearoa) data Refer to glossary in Appendix 8 for definitions. Totals may not add due to rounding. Average NZ$/A$ 0.865 (12 months to June) vs 0.912 in pcp Australia – Market growth of 6%3, QMS revenue growth of 10% Growth underpinned by incremental large format assets; conversion of City of Sydney panels to digital & underlying yield New Zealand – market growth of 11% 4, QMS revenue growth of 48% (NZ$) Growth underpinned by roll-out of Auckland Transport street furniture contract; improved sales performance & underlying yield
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Outdoor – QMS profit up 15%1 for FY26 EBITDA Pre AASB 16 of $87.9m at high end of guidance range $86-88m from June Investor presentation Attractive profile of long term lease expiries - 82% of Aust FY30+ - 73% of NZ FY30+ Full year capex, primarily reflecting new site investment, of $70m 20 Details of the impact of the QMS purchase accounting is provided in Appendix 2 A$M, PRO FORMA 2 FY26 FY25 VARIANCE TOTAL NET REVENUE 295.4 257.0 +15% COST OF SALES (42.8) (36.2) (18%) OPERATING COSTS (60.7) (58.8) (3%) EBITDA – POST AASB 16 3 191.9 162.0 +18% TOTAL CASH LEASE EXPENSE (104.0) (85.5) (22%) EBITDA - PRE AASB 16 3 87.9 76.5 +15% MARGIN - % 29.8% 29.8% - 1. Pre AASB 16 2. Full 12 month period, Refer Appendix 2 for results relating to time since acquisition – 1 April-30 June 3. AASB 16 - accounting standard for Leases, effective 1 January 2019, which recognises lease expenses within depreciation and the financing component within interest Refer to glossary in Appendix 8 for definitions. Totals may not add due to rounding.
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Matt Stanton
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Nine’s Total TV revenue in Q1 is expected to be down by 7-8% on Q1 FY26 - a later start to The Block coupled with the impacts of the FIFA World Cup and Commonwealth Games on other networks accounting for part of this result Q1 digital subscription revenue expected to grow in the mid single digits (%) The advertising market for broadcast television remains short and difficult to predict FY27 Total TV costs are expected to be broadly flat on FY26, before the benefit of the cost write -offs in FY26 QMS’s revenue for Q1 is expected to be up in the mid -teens (% basis) on Q1 FY26, with growth from both Australia and New Zealand. This growth is supported by the benefit of new sites and contracts Streaming & Broadcast OutdoorPublishing 22Outlook & Trading Update Nine expects growth in digital subscription revenue to continue across FY27 Nine has also made good progress growing its broader content licensing revenues Nine Group’s FY27 EBITDA guidance is based on a comparable level of licensing revenue as FY26 At Stan, EBITDA growth is expected to continue in FY27, driven primarily by Stan Sport and the second season of Stan’s Premier League rights, as well as the introduction of an advertising tier and lower entry price point on Stan Entertainment from 1 August 2026 Outlook - Nine expects to report another year of pro forma revenue and EBITDA growth in FY27 Q1 Trading Update - Nine’s growth assets of Digital Publishing, QMS and Stan have started the year on a positive note Nine is expecting double-digit (%) pro forma EBITDA growth from QMS in FY27, over and above the c$9m of expected cost synergies (around half of the initial 3-year synergies of $20m) from its integration with Nine. Positive subscriber momentum at Stan with the start of the PL season last weekend
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• Acceleration in Single Platform Delivery • Value creation within Streaming & Broadcast • Momentum behind Publishing licensing & AI deals • Accelerating the AI Opportunity • Incremental Revenue Opportunities • Advocacy • Delivering outcomes through News Bargaining Incentive, Gambling advertising, Commercial Broadcast Tax (CBT) relief and influencing ongoing policy debates eg. Copyright and AI • Delivering on QMS • Integration and optimisation - Nine portfolio market proposition • Continuation of contract momentum – both existing and new • On track to deliver around half of $20m cost synergies in FY27 • Content collaboration – MAFS, The Block, Love Island • Future News • Combination of tech stacks • Growth in digital video advertising – 9Now, Stan Sport, Stan & HBO MAX • Push into the SME market through Nine Ad Manager • Off Platform • Single technology platforms for both Streaming & Publishing • Sales Trading Platform • Integrated Consumer Platform • Focusing on fewer, more impactful cost reduction, revenue growth and operational transformation initiatives • NBI to deliver commercial deals and revenues • Microsoft partnership and multiple corporate deals already signed 23 In FY27, Nine will further leverage these foundations focusing on the significant opportunities provided by our content and platforms and the technologies that link them together In FY27, key growth engines are expected to account for more than 60% of Revenue and ~70% of EBITDA FY26 has laid the foundations for further growth in profitability and shareholder value going forward Optimising operating performance Technology initiatives including AI & licensing
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Australia Belongs Here At Nine, we shape culture by sparking conversations, challenging perspectives, informing and entertaining our communities. We bring people together by celebrating the big occasions and connecting the everyday moments.
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FY26 Final Results
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YR TO JUNE 2026, A$M GROUP RESULT1 LESS: DISC OPS CONTINUING UNDERLYING RESULT CONTINUING SPECIFIC ITEMS CONTINUING STATUTORY RESULT Revenue 2,369.2 (180.2) 2,189.0 - 2,189.0 Expenses (1,995.1) 184.0 (1,811.1) (676.2) (2,487.3) Associates 0.9 - 0.9 - 0.9 EBITDA 375.0 3.8 378.8 (676.2) (297.4) Depreciation & Amortisation (106.6) 8.8 (97.8) - (97.8) Depreciation & Amortisation – AASB 16 (50.4) 4.7 (45.7) - (45.7) EBITA 218.0 17.3 235.3 (676.2) (440.9) Depreciation & Amortisation – PPA (6.9) - (6.9) - (6.9) EBIT 211.1 17.3 228.4 (676.2) (447.8) Net Finance Costs (12.8) 1.4 (11.4) - (11.4) Interest – AASB 16 (21.8) 0.6 (21.2) - (21.2) PBT 176.5 19.3 195.8 (676.2) (480.4) Income Tax Expense (39.0) (14.4) (53.4) 195.0 141.6 GROUP NPAT, PRE MINORITIES 137.5 4.9 142.4 (481.2) (338.8) Minorities 0.6 - 0.6 - 0.6 GROUP NPAT, AFTER MINORITIES 138.1 4.9 143.0 (481.2) (338.2) Basic Earnings Per Share 8.7 0.3 9.0 (30.3) (21.4) Discontinued Operations – net gain on sale 854.3 (854.3) - - - Net Profit After Tax 992.4 (849.4) 143.0 (481.2) (338.2) Basic Earnings Per Share 62.6 (53.6) 9.0 (30.4) (21.4) Appendix 1: Reconciliation of Group result incl discontinued, to Statutory Result 1. Includes Radio, NBN, Nine Darwin and Pedestrian. Refer to Glossary in Appendix 8 for definitions Total may not add due to rounding. 26 Underlying Performance Statutory – Discontinued Operations
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Appendix 2: Impact of PPA on QMS Reported results (from 31 March 2026) 27 Following completion of a provisional PPA exercise, the reported QMS results for the period from acquisition date (31 March 2026) incorporate the below adjustments. These changes have been adjusted in results from acquisition date and are not reflected in pro forma results before this time. FY26 (3 MONTHS TO JUNE) A$M PRE PPA PPA ADJ REPORTED REVENUE 77.4 - 77.4 COSTS (23.0) - (23.0) CASH LEASE EXPENSE (29.3) - (29.3) EBITDA PRE AASB 16 25.1 - 25.1 ADD BACK: CASH LEASE EXPENSE 29.3 - 29.3 EBITDA POST AASB 16 54.5 - 54.5 DEP'N, AMORT'N - ASSETS (7.3) 0.5 (6.8) DEP'N, AMORT'N – ROU ASSETS (18.3) (5.8) (24.1) EBITA 28.8 (5.3) 23.5 AMORT'N – ACQUIRED INTANGIBLES (3.7) (3.0) (6.7) EBIT 25.1 (8.3) 16.8 INTEREST ON LEASE LIABILITIES (13.8) 3.2 (10.6) PROFIT BEFORE TAX 11.3 (5.1) 6.2
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YR TO JUNE 2025, A$M GROUP RESULT1 LESS: DISC OPS CONTINUING UNDERLYING RESULT CONTINUING SPECIFIC ITEMS CONTINUING STATUTORY RESULT Revenue 2,273.8 (598.1) 2,125.7 - 2,125.7 Expenses (2,278.9) 478.7 (1,800.4) (44.4) (1,844.8) Associates (1.0) 0.1 (0.9) - (0.9) EBITDA 443.9 (119.5) 324.4 (44.4) 280.0 Depreciation & Amortisation (121.8) 45.3 (76.5) - (76.5) Depreciation & Amortisation – AASB 16 (35.7) 9.8 (25.9) - (25.9) EBITA 286.4 (64.4) 222.0 (44.4) 177.6 Depreciation & Amortisation – PPA (0.4) 0.4 - - - EBIT 286.0 (64.0) 222.0 (44.4) 177.6 Net Finance Costs (45.2) 12.7 (32.5) - (32.5) Interest – AASB 16 (13.8) 2.1 (11.7) - (11.7) PBT 227.0 (49.2) 177.8 (44.4) 133.4 Income Tax Expense (61.0) 16.1 (44.9) 11.7 (33.2) GROUP NPAT, PRE MINORITIES 166.0 (33.1) 132.9 (32.7) 100.2 Minorities (29.4) - (29.4) - (29.4) GROUP NPAT, AFTER MINORITIES 136.6 (33.1) 103.5 (32.7) 70.8 Basic Earnings Per Share 10.5 (2.1) 8.4 (2.1) 6.3 Discontinued Operations – gain on sale - - - - Net Profit After Tax 136.6 (33.1) 103.5 (32.7) 70.8 Basic Earnings Per Share 8.6 (2.1) 6.6 (2.1) 4.5 Appendix 3: Reconciliation from FY25 reported to FY25 continuing operations result 1. Includes Radio, NBN, Nine Darwin and Pedestrian. Refer to Glossary in Appendix 8 for definitions Total may not add due to rounding. 28 Underlying Performance Statutory – Discontinued Operations
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A$M FY26 ADJUSTED FY25 ADJUSTED1 EBITDA – CONTINUING BASIS (BEFORE ASSOCIATES)1 377.9 325.3 EBITDA – DISCONTINUED OPERATIONS 9.7 15.7 WORKING CAPITAL (43.2) (32.8) PREMIER LEAGUE (19.8) 72.7 ASSOCIATES - 0.1 OPERATING CASH FLOW, PRE SPECIFIC ITEMS, TAX AND INTEREST 324.6 381.0 OTHER SPECIFIC ITEMS (57.1) (41.4) OPERATING CASH FLOW PRE INTEREST & TAX 267.5 339.6 CASH CONVERSION REPORTED 84% 112% CASH CONVERSION ADJUSTED2 89% 90% INTEREST & TAX (105.3) (65.4) CASH FLOW FROM OPERATING ACTIVITIES 162.2 274.2 CAPEX 3 (122.0) (91.8) FREE CASH FLOW 40.2 182.4 1. Excludes Domain, Radio and includes NBN and Darwin as affiliates, includes Nine Outdoor from completion of acquisition 2. Adjusted for Premier League prepayments 3. Net of disposals Refer to glossary in Appendix 8 for definitions. Totals may not add due to rounding. Appendix 4: Reconciliation of cash flows 29
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Appendix 5: Group divisional results – FY26 – pro forma basis 30 1. Excludes Domain, Radio and includes NBN and Darwin as affiliates for both full periods), includes Nine Outdoor for full 12 months in both periods Refer to glossary in Appendix 8 for definitions. Totals may not add due to rounding. FY26 A$M STREAMING & BROADCAST PUBLISHING OUTDOOR CORPORATE ASSOCIATES INTERSEGMENT TOTAL REVENUE 1,595.8 517.5 295.4 5.3 - (7.0) 2,407.0 PCP 1,617.0 518.5 257.0 0.9 - (10.7) 2,383.0 % CHG (1%) - +15% NM - (35%) +1% EBITDA 214.1 149.9 191.9 (40.6) 0.9 - 516.2 PCP (RESTATED) 212.3 153.8 162.0 (40.8) (0.9) - 486.4 % CHG +1% (3%) +18% - NM - +6% EBITA 147.7 103.1 NM (40.6) - - NM PCP 148.1 114.5 NM (39.7) - - NM % CHG (-) (10%) NM (2%) - - NM
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Appendix 6: Nine’s Total Television audiences in growth, ex Olympics 31 TOTAL TELEVISION NINE AUDIENCE - % CHG NINE AUDIENCE - % CHG FY26 1 6 MONTHS TO JUNE 2026 2 Broadcast BVOD Total TV Broadcast BVOD Total TV NINE 25-54s -9.3% +18.0% -2.7% NINE 25-54s -7.1% +35.8% +3.4% 16-39s -11.3% +13.2% -3.0% 16-39s -7.6% +28.1% +4.8% Total People -6.4% +24.1% -2.1% Total People -4.2% +43.2% +2.7% NINE – EX OLYMPICS 25-54s -3.1% +33.7% +5.5% 16-39s -3.9% +28.3% +6.8% Total People -1.4% +39.6% +4.1% TOTAL COMMERCIAL TV 25-54s -8.4% +34.6% +0.8% TOTAL COMMERCIAL TV 25-54s -9.3% +43.7% +2.4% 16-39s -8.4% +31.2% +3.4% 16-39s -8.4% +40.0% +6.6% Total People -5.6% +39.0% +0.0% Total People -5.8% +49.1% +1.5% 1. Source: OzTAM VOZ © 2026, FY2026, FY2025 (excl. Olympics dates 26/07/24 - 12/08/24), All Day 0200-2559, National (incl. Spill), Nine Content, Total People, P25-54, Avg Audience, Total TV, When Watched 2. Source: OzTAM VOZ © 2026, June Half FY26, June Half FY25, All Day 0200-2559, National (incl. Spill), Nine Content, Total People, P25-54, Avg Audience, Total TV, When Watched
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FY27 CORPORATE COSTS ~$45M TO $50M DEPRECIATION & AMORTISATION – P,P & E ~$90M TO $100M DEPRECIATION & AMORTISATION – AASB 16 2 ~$125M TO $135M AMORTISATION OF SITE LEASE INTANGIBLES 1 ~$25M TO 30M INTEREST EXPENSE (NET) – DEBT ~$45M TO $55M INTEREST EXPENSE – AASB 16 2 ~$50M TO $60M TAX RATE ~30% CAPEX 2 ~$150M TO $170M DIVIDEND 60-80% OF NPATA, BEFORE SPECIFIC ITEMS, UNFRANKED Appendix 7: Financial estimates 32 1. Subject to finalisation of PPA relating to the acquisition of QMS 2. Based on current contracts and sites
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Appendix 8: Glossary AASB 16 – accounting standard for Leases, effective 1 January 2019, which recognises lease expenses within depreciation Acquisition related intangibles – intangible asset recognised as a result of PPA AI – Artificial Intelligence ARPU – Average Revenue Per User BAU – Business As Usual Broadcast TV - Analogue television delivered via an antenna BVOD – Broadcast Video on Demand - digital television delivered via the Internet Cash conversion – Operating Cashflow pre Specific Items, tax and interest, divided by EBITDA Cash tax losses – the cash value of tax losses able to be offset against the Domain capital gain COGS - includes agency commissions, rebates, incentives Continuing business basis - excludes Nine Radio, Domain and Pedestrian and accounts for NBN and Nine Darwin as affiliates for the full period, includes Nine Outdoor from completion of acquisition Costs – defined as revenue – EBITDA CY – calendar year Discontinued businesses – Nine Radio, Domain and Pedestrian, NBN and Darwin accounted as wholly owned EBIT – earnings before interest and tax, before Specific Items EBITA – EBIT excluding amortisation from acquisition-related intangibles EBITDA – earnings before interest, tax, depreciation and amortisation, before Specific Items, includes share of Associates’ net profit EBITDA Pre AASB 16 – EBITDA excluding lease cash payments EPS (Earnings Per Share) – Net profit after tax and minority interests, before Specific Items divided by the average number of shares on issue across the period EPSA - Net profit after Tax and before the amortisation of acquisition-related intangibles and Specific Items, divided by the average number of shares on issue across the period Free cash flow – Cash flow from operating activities less capex FY – Full year Group - the Statutory Reported consolidated group consisting of Nine Entertainment Co. Holdings Limited and its controlled entities H1 – first half H2 – second half Key demographics – All People 25-54, 16-39, 18-49 and Grocery Buyers with Children LLM – Large Language Model Margin – EBITDA/Revenue Mastheads - Includes the Sydney Morning Herald, The Age, the AFR, Brisbane Times and WA Today. Nine Publishing excluding nine.com.au and Drive Metro – Sydney, Melbourne, Brisbane, Adelaide and Perth Net Debt – Statutory reported interest-bearing loans and borrowings, excluding lease liabilities less cash Net Leverage – Net Debt (Group) divided by EBITDA after cash lease payments and before Specific Items (last 12 months) NPAT – Net profit after tax Network – Combination of Channels 9, 9Go!, 9Gem, 9Life and 9Rush NM – Not meaningful NPATA - Net Profit After Tax excluding amortisation from acquisition-related intangibles Operating Cashflow – EBITDA adjusted for changes in working capital and other non-cash items, plus dividends received from Associates. Excludes cash relating to the Specific Items and payment for lease liabilities Paying subscribers (Stan) - subscribers for whom Stan receives a payment for the subscription during the relevant billing period PCP – previous corresponding period PPA – Purchase Price Accounting - the accounting process of assigning the total price paid to acquire a company across the fair market values of its individual assets, liabilities, and any remaining goodwill Pro forma – adjusted to include QMS and exclude divested business, and the change to affiliate structure for NBN and Darwin, for the full 12 month period. Unaudited but derived from audited information Publishing – comprises mastheads, nine.com.au and Drive Revenue – operating revenue, excluding interest income and Specific Items Specific Items – amounts as set out in Note 2.4 of the 30 June 2026 Statutory Accounts Statutory Accounts – audited or auditor reviewed, consolidated Group financial statements Statutory Net Profit/(Loss) – Statutory Reported Net Profit/(Loss) for the period before other comprehensive income/loss Statutory Reported – extracted from the Statutory Accounts Streaming and Broadcast (Video) – Refers to Stan, 9Now and Broadcast TV SVOD – Subscription Video On Demand Total Television – Broadcast TV + 9Now UA – Unique Audience VOZ - Virtual OZ 33
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Important Notice and Disclaimer This document is a presentation of general background information about the activities of Nine Entertainment Co. Holdings Limited (“NEC”) current at the date of the presentation, (26 August 2026). The information contained in this presentation is of general background and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate. NEC, its related bodies corporate and any of their respective officers, directors and employees (“NEC Parties”), do not warrant the accuracy or reliability of this information, and disclaim any responsibility and liability flowing from the use of this information by any party. To the maximum extent permitted by law, the NEC Parties do not accept any liability to any person, organisation or entity for any loss or damage suffered as a result of reliance on this document. Forward Looking Statements This document contains certain forward-looking statements and comments about future events, including NEC’s expectations about the performance of its businesses. Forward looking statements can generally be identified by the use of forward-looking words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’ and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings or financial position or performance are also forward-looking statements. Forward looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Forward looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. Forward looking statements involve known and unknown risks, uncertainty and other factors which can cause NEC’s actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements and many of these factors are outside the control of NEC. As such, undue reliance should not be placed on any forward-looking statement. Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information or other forecast. Nothing contained in this presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of NEC. Pro Forma Financial Information The Company has set out in this presentation certain non-IFRS financial information, in addition to information regarding its IFRS statutory information. The Company considers that this non-IFRS financial information is important to assist in evaluating the Company’s performance. The information is presented to assist in making appropriate comparisons with prior periods and to assess the operating performance of the business. All dollar values are in Australian dollars (A$) unless otherwise stated. Important Notice and Disclaimer 34