oOh!media has delivered profit and dividend growth despite a softer advertising market in the second half, underscoring the structural momentum behind Out of Home as it continues to capture a record share of media investment.
The ASX-listed outdoor media company reported total revenue of $691.4 million for the year to 31 December 2025, with adjusted net profit after tax rising 7% to $63.0 million.
Underlying EBITDA increased 8% to $139.1 million, while the Board declared a fully franked final dividend of 4.0 cents per share, up 14% year on year.
The result lands as Out of Home reaches a record 16.4% share of agency media spend, cementing its position as one of the fastest-growing channels in Australia’s increasingly fragmented media landscape.
For newly appointed CEO James Taylor, the numbers reinforce both the resilience of the medium and the scale of the opportunity ahead.
“It is a privilege to join oOh! and lead a business that plays an integral part in Australia’s media and urban landscape. Out of Home is a medium I have long admired for its unique ability to combine creativity, impact, physicality and presence, and OOH’s record 16.4% share of agency media spend in CY25 reflects this momentum.”
New leadership, same ambition: execute at scale
Taylor, who joined the business during a period of rapid structural change across media, signalled a clear focus on accelerating growth and reinforcing oOh!’s dominant footprint.
With more than 30,000 assets nationwide and a weekly reach of 98% of metropolitan Australians, the company enters 2026 with both scale and confidence.
“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% of metropolitan Australians each week, we are well positioned to deliver sustainable growth for our shareholders.”
The company maintained its market-leading 35% share of the ANZ Out of Home sector during the year, further strengthening its competitive position through major contract wins, including Transurban’s high-profile Melbourne and Brisbane motorway networks.
Taylor said those deals reinforced the strategic trajectory.
“The significant contract wins we secured, including Transurban’s Melbourne and Brisbane motorway assets, further reinforce our market leadership position. We enter the next phase of growth with a clear focus on execution, a high-quality portfolio of assets, and a team deeply committed to delivering for clients, partners, and shareholders.”
Growth persists despite ad market headwinds
While oOh! delivered record revenue and profit in the first half, the broader ad market slowdown weighed on second-half performance, alongside the loss of its Auckland Transport contract.
Yet the underlying business demonstrated resilience, with adjusted gross profit increasing 5% to $298.8 million and adjusted gross margin remaining strong at 43.2%.
“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% to $298.8 million and adjusted underlying EBITDA growing 8% to $139.1 million.”
That resilience reflects a broader shift underway, as advertisers continue to reallocate budgets toward formats that offer scale, visibility, and real-world presence in an increasingly digital-saturated environment.
Digital billboards, airports and infrastructure drive growth
Performance varied across formats, but the overall trajectory remained positive.
Billboards’ revenue rose 10% to $237.1 million, driven by large-format digital assets and late contributions from newly secured motorway inventory.
Street furniture and rail increased 11% to $226.4 million, supported by Sydney Metro expansion and new council contracts, while airport revenues surged 29% as travel demand continued to rebound.
The company’s retail segment declined 6%, reflecting tougher competitive conditions in Australia, while office and study assets fell 7%, partly due to lower advertiser activity linked to the absence of the MOVE 2.0 measurement upgrade rollout.
Meanwhile, newer business units, including REO and Cactus, delivered strong momentum, with “Other” revenue rising 51% year on year.
Strong balance sheet supports dividend growth and expansion
oOh!’s financial position remained robust, with net debt at $112.8 million and gearing at just 0.8x, well within the company’s target range.
That strength enabled the Board to increase its dividend payout, with the full-year payout ratio reaching 53% of adjusted net profit.
The final dividend will be paid on 19 March 2026, with a record date of 26 February.
OOH momentum continues into 2026
Looking ahead, oOh! expects continued growth as Out of Home’s share of the total media mix expands.
Australian media revenue is pacing up 7% in the first quarter of 2026, partially offset by declines in New Zealand following the Auckland Transport loss. Overall, group media revenue is tracking 2% higher year on year.
The company expects capital expenditures of $55 million to $65 million in 2026, focused on expanding its digital footprint and securing new premium advertising placements.
Critically, Taylor believes the medium’s trajectory remains firmly upward.
With audience fragmentation accelerating and brands seeking real-world impact beyond screens, Out of Home’s combination of physical scale and digital flexibility is reshaping its role in the media ecosystem.
For oOh!, the message is clear: even as advertising markets fluctuate, the structural shift toward outdoor continues to gather pace.
Main image: James Taylor. Source: oOh!Media