Seven West Media has delivered an unaudited first-half FY26 result broadly in line with guidance, as a softer ad market in November and December weighed on revenue.
In an ASX release on Tuesday, Southern Cross Media Group told investors Seven’s EBITDA was $67 million for the six months to 31 December 2025, down 27 per cent on the prior corresponding period (pcp), but consistent with guidance given at Seven’s November AGM.
Southern Cross (ASX: SXL) acquired Seven on 7 January 2026 after a Scheme of Arrangement. Southern Cross said its own first-half FY26 results will be released on 24 February 2026, including Seven’s financials for the eight-day period after 23 December 2025 (the effective accounting date).
What Seven reported for H1 FY26
- Revenue: $712 million, down 2.1 per cent pcp
- Operating costs: $645 million, up 1.6 per cent pcp
- EBITDA: $67 million, down 27 per cent pcp
- Net debt: $277 million, down $10 million; leverage 2.1x
- Total TV advertising revenue: $585 million, down 0.8 per cent (down 3.0 per cent like-for-like)
- Total TV revenue share: 44.1 per cent, up 2.7 points (a record half-year share)
- 7plus advertising revenue: up 15 per cent to $98 million
Southern Cross attributed the revenue shortfall versus AGM guidance to “a weaker than expected advertising market in November and December”, plus the impact of shortened Perth and Melbourne Ashes Test match broadcasts.
Ratings growth, led by streaming
Audience performance remained a bright spot. Southern Cross said Seven’s total TV audiences were up 3.4 per cent (total people) and up 4.7 per cent in the 25–54 demographic across Seven and 7plus.
It also pointed to 7plus momentum, with revenue up 15 per cent, daily active users up 26 per cent, and streaming minutes up 62 per cent.
Jeff Howard on the ad market and content performance
Jeff Howard, Managing Director and Chief Executive Officer at Southern Cross Media Group, said: “Seven West Media’s result as a stand-alone business reflects continued total television audience and revenue share growth in a challenging advertising market.”
Southern Cross Media Group’s Jeff HowardHoward said the company “maintained our leading position in national news”, citing Sunrise up 5 per cent and 7NEWS up 4 per cent, while Home and Away was up 5 per cent and My Kitchen Rules grew 16 per cent “driven by exceptional streaming results”.He added that Seven’s summer cricket also lifted: “The Ashes up 12% and Big Bash League growing 9%.”
The West and broader Southern Cross outlook
Southern Cross said The West delivered EBITDA of $14 million, down 5 per cent, with revenue down 2 per cent to $84 million as tough advertising conditions were partly offset by circulation, digital and event revenue.
On Southern Cross’ underlying audio business, the company said total audio revenue was up about 3 per cent, with operating costs “broadly flat” year-on-year. It expects H1 FY26 total audio EBITDA to land between $39 million and $41 million, and said LiSTNR’s EBITDA is expected to be $2.5 million to $3.0 million.
A teleconference and webcast for Southern Cross’ half-year results is scheduled for 9.00am AEDT on Tuesday, 24 February 2026.