Media Cinema and Entertainment Operators Reposition for Audience Demand

Key Highlights

• Nine Entertainment Co.
• Aspermont’s most recent quarterly update, for the quarter ended 30 June 2026 (Q3 FY26), showed Revenue of approximately A$4.5 million, up around 25% on the prior corresponding quarter, with the quarter described as reaching EBITDA breakeven.
• EVT reported its FY2026 results (year ended 30 June 2026) in late August 2026.
• The three businesses combine different revenue models, Capital needs and execution priorities within the consumer sector.

Nine Entertainment Co. Holdings (ASX:NEC), Aspermont (ASX:ASP) and EVT (ASX:EVT) approach FY2027 from different operating positions. Their latest company disclosures show how revenue quality, cash conversion and delivery against announced programs matter more than a shared sector label.

Each company is assessed on its own reporting calendar and Business model. The discussion below retains company-reported financial measures and announced plans while separating those facts from assumptions about future outcomes.

Company Business

Nine Entertainment Co. Holdings Limited (ASX:NEC)

Nine Entertainment Co. Holdings Limited is one of Australia’s largest diversified media companies, operating the Nine Network free-to-air television business and 9Now streaming platform, the Stan subscription video service, mastheads including The Sydney Morning Herald, The Age and The Australian Financial Review, and — following an FY2026 Acquisition — the QMS Media out-of-home Advertising business. Nine was previously Majority Shareholder of ASX-listed Domain Holdings Australia until Domain was acquired by US-listed CoStar Group; it also owned a national radio network until that business was sold in FY2026. Matt Stanton, previously Nine’s CFO, was appointed chief executive during 2025, succeeding Mike Sneesby, who stepped down in September 2024. Nine remains ASX-listed as at 14 September 2026, with no indication of a Takeover or suspension.

Aspermont’s most recent quarterly update, for the quarter ended 30 June 2026 (Q3 FY26), showed revenue of approximately A$4.5 million, up around 25% on the prior corresponding quarter, with the quarter described as reaching EBITDA breakeven. The same update reported cash reserves falling to approximately A$0.9 million at quarter-end, underlining the thin Balance Sheet and dependence on continued growth to sustain profitability. For the half year ended 31 March 2026 (HY2026), Aspermont reported a statutory half-year profit and growth in net tangible assets, but held dividends at nil. Full FY2026 results (year to 30 September 2026) had not been released by the 14 September 2026 cut-off and are not covered here; the most recent full annual result was FY2025 (year ended 30 September 2025).

EVT reported its FY2026 results (year ended 30 June 2026) in late August 2026. Group revenue was approximately A$1,314.9 million, up about 6.3 per cent, with normalised EBITDA of roughly A$174.4 million, up about 8.4 per cent, and statutory net profit after tax of approximately A$50.7 million, up about 51.9 per cent. The board declared dividends of 23 cents per share for the year, fully franked, up about 4.5 per cent.

Financial Performance

Nine reported its FY2026 results (year ended 30 June 2026) in late August 2026. On a continuing-operations basis — excluding the divested Domain and radio businesses — group revenue was approximately A$2.2 billion, up about 3 per cent, with EBITDA of around A$379 million, up about 17 per cent, at an EBITDA Margin near 17.3 per cent, an expansion of roughly 2.0 percentage points. Net profit after tax before Amortisation (NPATA) was approximately A$147 million, up about 11 per cent, for Earnings Per Share of around 9.3 cents, also up about 11 per cent. Statutory NPAT for the full year was materially higher again, inflated by one-off gains tied to the Domain and radio disposals rather than underlying earnings power; statutory NPAT and continuing-operations measures capture different things and should not be compared directly with prior years.

Segment results show where the mix has shifted. Total Television — the Nine Network broadcast business together with 9Now — generated revenue of approximately A$1.0 billion, down about 9 per cent, with EBITDA of roughly A$134 million, down about 12 per cent. Publishing revenue was approximately A$518 million, broadly flat, with EBITDA of around A$150 million, down about 3 per cent. QMS Media, acquired during the year, contributed pro forma revenue of approximately A$295 million, up about 15 per cent, and pro forma EBITDA of roughly A$88 million, up about 18 per cent — the clearest single driver of the group’s EBITDA growth. Radio, Domain and Pedestrian Group were all divested during FY2026.

Divisionally, Entertainment delivered EBITDA of approximately A$63.4 million, an increase of around 45.8 per cent, with the group’s “Fewer, Better” cinema strategy driving growth of about 15.8 per cent across Australia and New Zealand and a sharp recovery in Germany, where EBITDA rose to roughly A$19.4 million. Hotels generated EBITDA of approximately A$107.2 million, up about 1.0 per cent as reported and around 3.2 per cent on an underlying basis, across a portfolio of 101 hotels and 16,042 rooms that makes EVT the second-largest hotel operator in Australia and New Zealand. Thredbo produced revenue of approximately A$96.8 million, up about 10.6 per cent, and EBITDA of roughly A$21.0 million, up about 13.7 per cent, and was named Australia’s best ski resort for a ninth consecutive year. Net Debt at 30 June 2026 stood at approximately A$476.1 million.

Sector Context

The companies serve different parts of the consumer economy, so their revenue and cost structures are not directly interchangeable. Contract duration, recurring income, customer concentration, Capital Expenditure and acquisition accounting can materially change how headline growth appears in each set of accounts.

A useful comparison therefore starts with thedance remains conditional on management execution, customer activity and the timing of announced projects or integrations

Risks to Consider

Execution against announced programs, customer concentration and cost control remain the main variables to monitor.

The central uncertainties concern delivery timing, margin discipline and whether expected project or acquisition benefits emerge as planned.

Future results may be affected by customer activity, integration demands, funding requirements and changes in the company’s operating mix.

What to Watch Next

Nine’s balance sheet in FY2026 was reshaped by proceeds from the Domain and radio disposals, the cash cost of the approximately A$855 million QMS acquisition, and the 49 cent special Dividend funded from Domain proceeds. Net debt closed the year at approximately A$658 million, or around 1.7 times EBITDA — a moderate level for a business of Nine’s cash generation, and one that leaves headroom for the ordinary 7.5 cent fully franked distribution at an 80 per cent payout ratio. Trailing dividend yields quoted in some commentary are heavily skewed by the one-off 49 cent Special Dividend and are not representative of an ongoing yield.

How to Read the Current Position

The clearest assessment will come from subsequent company reporting. Revenue should be read alongside margins and cash flow, while acquisition-led growth should be distinguished from organic activity. Guidance and longer-term targets are company objectives rather than assured outcomes.